• Vasily Trader

GOLD (XAUUSD): Price Action & Technical Outlook

Hey traders,

Friday turned out to be very bearish for Gold .

The price lost almost 1,5% of its value.

Analyzing a current intraday price action on 4H,

we have a perfect foundation for an ascending triangle formation:

so far we have two equal highs and two higher lows.

As we know, ascending triangle is a classic bullish accumulation pattern.

To catch the next bullish wave pay attention to 1900 - 1905 resistance cluster.

Wait for its bullish breakout (4h candle close above) as a confirmation.

Then buy on a retest with you first goal - 1930 level.

For scalping, consider the boundaries of the triangle.

Being bearish biased, look for a bearish breakout of a trend line of a triangle before you sell.

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