Symmetrical Triangle Consolidation

2 Nis 2023

XAUUSD is seen consolidating in a symmetrical triangle range for some time now. However, this idea elaborates what to expect if the triangle breaks in one of the two directions.

1- Orange lines demonstrate the possible targets if this big consolidation manages to break low empowering bears to take over the yellow metal
2- Green lines mark the possible targets if consolidation breaks high

Note: These targets are purely based on historic data in terms of supports and resistances

Indicators output:
1- RSI is still demonstrating a divergence which is the signal to expect lower targets
2- We are still above the ichimoku cloud , so according to Goichi Hosada, we are still bullish
3- MACD is diverging as well as undergone death cross

Our entry signal, without a doubt, is the wedge breakout!

Best of luck and happy trading :-)

4 Nis 2023

Not

triangle broken high, waiting for a retest of the upper neckline of the pattern to buy :-)

6 Nis 2023

Not

upper Target 1 hit at 2030

7 Nis 2023

Not

Minor pattern inverted cup and handle spotted, we might retest the broken wedge before going anywhere else