The four-hour chart of XAUUSD (Gold ounce) indicates a descending or consolidating trend. Therefore, it is expected that the market may return towards the first support.
Additionally, the price is in a symmetrical triangle chart pattern. If the downtrend line is broken, gold may initiate a new upward movement. However, if the market crosses below the pattern's floor, we might see increased selling pressure. Hence, traders are advised to watch for a breakout of one of the triangle pattern levels.
Key levels:
The first support is at the level of $2014.43, signifying a strong support zone where buyers might enter the market. The second support is at $2006.38.
Additionally, the price is in a symmetrical triangle chart pattern. If the downtrend line is broken, gold may initiate a new upward movement. However, if the market crosses below the pattern's floor, we might see increased selling pressure. Hence, traders are advised to watch for a breakout of one of the triangle pattern levels.
Key levels:
The first support is at the level of $2014.43, signifying a strong support zone where buyers might enter the market. The second support is at $2006.38.
Trade closed: target reached