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ASCENDING CHANNEL
Gold
XAU/USD
1H
There is an ascending channel developing and gold requests an impulse down as a signal of a breakdown.
An ascending channel is a technical bearish price action formation that is used to identify a further move down when price breaks through the support.
Gold to move back to the 4750 mark once below 4760 amid the commodity recedes from recent highs.
ASCENDING CHANNEL
Gold
XAU/USD
1H
As we can see an ascending channel is close to being finished.
An ascending channel provides a reliable chart indicator that results in a bullish-to-bearish trend reversal once price breaks out.
Gold to move downward to 4500 once below 4560.
RISING WEDGE
Gold
XAU/USD
1H
A rising wedge develops.
Once price breaks out to the the downside, the resulting move could signal a next move down.
Gold pulls away from recent highs towards 4500 on a downside break.
ASCENDING TRIANGLE
Gold
XAU/USD
1H
It seems like the price establishes an ascending triangle and the price breaks out soon.
If price breaks through the resistance, the resulting move could spot extending an uptrend.
It is likely that a bullish run towards the 4480 level will take place on a breach of 4465 as outlook for the commodity stays positive.
PENNANT
Gold
XAU/USD
4H
A pennant is distinguished and gold demands a steady bullish action to confirm a breakout.
A pennant typically predicts that the price to go up in case if price breaks out to the the upside.
A move towards the 4600 level is not ruled out once beyond 4500 as gold becomes bid.
DESCENDING CHANNEL
Gold
XAU/USD
1H
Gold composes a descending channel and the price requires a more bigger move to confirm a breakout.
A descending channel denotes a reliable chart indicator that is used to identify a bullish price move when price breaks out.
Gold to peak to 4500 on a breakout of the descending channel amid rising bets for the move.
BULLISH FLAG
Gold
XAU/USD
1H
There is a bullish flag forming and the price is going to break out.
A bullish flag describes a compelling price action formation with a downward bias that often indicates a pause in a downtrending market once price breaks above resistance.
Gold to look for a further push to 4450.
PENNANT
Gold
XAU/USD
1H
It looks like a pennant is almost completed.
If price breaks out to the the downside, the resulting move could predict a move down.
Gold to extend the correction lower to 4450 once below 4510.
ASCENDING CHANNEL
Gold
XAU/USD
1H
As we can see the price builds an ascending channel, the price needs a further impulse down as a verification of a breakout.
When price breaks through the support, the resulting move could predict a next move down.
Gold opens door for a move to the 4500 zone on a breach of 4520.
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