XAUUSD | Descending Triangle

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Price forming a Descending Triangle. Currently we testing the Ichi Cloud resistance zone, and if there is a confirmed rejection we can retest the Horizontal Support Zone.

If pattern will continue forming we can initiate a short position in case there is a confirmed rejection of the Resistance Trendline.

Also the breakout of the Horizontal Support Zone will be a confirmation for the pattern and we can initiate a short position.

Thank you for reading this idea! Hope it's been useful to you and some of us will turn it into profitable!

Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts.

The information given is not a Financial Advice.