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DESCENDING TRIANGLE
Gold
XAU/USD
1H
We can see that a descending triangle has been discovered.
A descending triangle is considered to be a compelling bullish chart pattern that can be used to signal a move up if price breaks through the resistance.
Gold to move up to 4220 once beyond 4215 as the commodity nears 4215 hurdle.
ASCENDING CHANNEL
Gold
XAU/USD
1H
An ascending channel occurs, the price is going to break out.
An ascending channel indicates a tendency to break in the opposite direction once price collapses through the support line.
There is a possibility of corrective downside to 4200 on a breakdown of the ascending channel.
ASCENDING TRIANGLE
Gold
XAU/USD
1H
As we can see an ascending triangle is identified and the price is ready to break out.
Once price breaks above resistance, the move could spot a further move up.
Gold to extend its advance to 4260 on a upside break.
PENNANT
Gold
XAU/USD
4H
The price forms a pennant, the price is ready to break out soon.
A pennant is believed to be a specific price action formation that spots the more likely potential of rising prices once price breaks out.
There is a probability of a further bullish price action towards 4240 once above 4225.
RISING WEDGE
Gold
XAU/USD
1H
As we can see a rising wedge is observed and gold asks for a next bearish move to confirm a breakdown.
A rising wedge is said to depict a reliable bearish chart pattern that has an upward slope that often identifies the bulls have run out of steam in case if price collapses through the support line.
Gold set to plunge towards 4200 on a downside break as the commodity probes 4204 hurdle.
FALLING WEDGE
Gold
XAU/USD
1H
We can see that a falling wedge is close to being finished.
A falling wedge is a useful price action signal that typically indicates a bullish price move when price breaks out to the the upside.
Gold aims to complete a retracement to 4200.
RECTANGLE
Gold
XAU/USD
1H
A rectangle is close to being complete and gold needs a next bearish action as an indication of a breakout.
A rectangle often indicates the bulls have run out of steam once price breaks through the support.
There is a possibility of extra downside towards 4190.
RISING WEDGE
Gold
XAU/USD
1H
There is a rising wedge occuring.
A rising wedge is believed to be a pattern that identifies a further move down if price breaks through the support.
Gold points to the downside towards the 4180 mark as outlook for the commodity stays negative.
RISING WEDGE
Gold
XAU/USD
4H
As we can see a rising wedge is discovered.
A rising wedge describes a compelling chart pattern that often indicates a next move down when price breaks out.
Gold to increase bearish potential towards 4200 as the commodity probes 4205 hurdle.
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