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SCHeroFX
Jan 10, 2023 8:00 AM

XAUUSD H1 

Gold Spot (XAUUSD)FXOpen

Description

Looks like a symmetrical triangle is forming. How to trade this pattern is to wait patiently for the breakout and it will usually reverse higher/lower on the other side.

Scenario 1: The price breakout the symmetrical triangle to the upside around 1880 and find resistance then it will go down to 1854 as the first target.

Scenario 2: The price breakout below 1869 and find support around 1861 then it will reverse to the upside with a higher target of 1890/95.

Trade closed: target reached

Price chosen the upside and target of 1890 hit.
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