TheGoldRoom

XAUUSD CONSOLIDATION BREAK

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Pair: XAUUSD
Timeframe: 1H
Analysis: Round number level, trend line, volume profile , support and resistance, pennant pattern, consolidation
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Key Takeaway: For a full day we have seen the pair consolidate between 2332.8-2326.5 and we havent managed to break either levels. When the pair does we are either looking for a short or long trade depending on the confirmation of breakout (bullish or bearish). Once it does break out either way, we will look to take profits toward the top pennent resistance or bottom pennant pattern support trend line.
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Level needed: need a close above 2332.8 or a close below 2326.5
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Trade: NEUTRAL
RISK:REWARD 1:6
SL: —
TP: —
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