Descending Triangle on XAU/USD @ D1

A descending triangle pattern has formed on the daily chart of XAU/USD (gold). It now offers an opportunity for a short trade in case of a bearish breakout. The triangle's borders are marked with the yellow lines. The cyan line is where my potential entry level will be. It is located at 10% of the pattern's height below the lower border. The green line denotes my take-profit level. It is set to the 100% of the pattern height plotted below the lower border. I will set the stop-loss level to the triangle's highest point (1807.70) marked with the red line. I will ignore bullish breakouts from this trend continuation pattern.

Order cancelled:

Trade setup cancelled due to the pattern's invalidation.