XAU/USD: Triangle on Gold

FX:XAUUSD   Gold/U.S. Dollar
248 6 9
Trend continuation or reversal?

Breakout out of the triangle and range might tell us...


Related Ideas

Blah! Stopped me out overnight, short stop, no worries, going to wait now. Like your ideas and senerios, here. Yeah, silver could give the heads up as they certainly run in tandem .. Finally making good on my NZD/USD trades..have 2 good ones, may close 1 soon and bank profit...cheers keep up your good work and good luck..Ron NZ
KVE Ronnee
I took some profit on the NZD/USD short and trailed my stop above the last swing high. Gold has started dropping somewhat, we need it to close and hold below 1275 now...

The daily looks like this atm, starting a bearish candle but the close is still far away and FOMC before it... (rate hike please...):
KVE Ronnee
Hidden bullish divergence on stochastics possibly pointing to trend-continuation...:
Hehya KVE ,just entered a small short here, once it broke clear, still not fully convinced it's broken away and clear. The Bulls r strong....interesting day or two a head ...will add more as it drops...tight stops, as the int rate saga is still the next biggie..still feel they may hike...will drop like a stone if she does! , then Brexit could be the catalyst to go high again...Ron NZ
KVE Ronnee
yes, the same here, not risking too much until we know more..., I had a small short entry triggered at 1289 but I already have my stop at BE... It all feels like fighting the trend..., but I'm reluctant to chase it though since then I usually buy the top or short the bottom...., lol

I did a test on this triangle, buy limit at the low with target at the high, I have seen this occurring several times before, trading a breakout on a small triangle like this usually has bad R/R and I see a lot of false breakouts on triangles so this setup gives an excellent result if it works out.

It's after the fact to share this so I'm not putting it as an update on the idea but I think it's a good setup worth looking at, I will try some more of these to get a better feeling for it before I integrate it in my trading, this is how it looks like:


KVE Ronnee
Silver might guide us on this, keep an eye on it, could give us a heads up...:
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