Gold Spot / U.S. DollarUpdated Triangle pattern on XAUUSD
I see this bearish channel and this downward triangle formed up at the end of it. Because of bearish type of channel, there is a high chance that price breaks the strong support and falls under it's monthly low.
But because of a 3 strike pattern that has been made just above the support line, there is also a high chance that price breaks the bearish trend line and after a Trading Range zone, will continue to rise and form a bullish channel.
But because of a 3 strike pattern that has been made just above the support line, there is also a high chance that price breaks the bearish trend line and after a Trading Range zone, will continue to rise and form a bullish channel.
Note
As you see, the 3 strike pattern has resulted the price to go up and break the bearish trendline.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.