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Gold: new triangle pattern

Gold: new triangle pattern

XAU/USD Sideways Movement!

The price of gold continues to move sideways in the short term. The price action developed a triangle pattern. So, personally, I'll wait for the rate to escape from this formation before buying or selling.

The triangle's upside line and the former high of 1,857 are seen as upside obstacles, while the triangle's downside line and the 1,819 former low represent downside obstacles.

Gold Trading Conclusion!

In the short term, XAU/USD could continue to move sideways. Dropping and stabilizing below 1,819 downside obstacle could activate a strong drop. This could help the sellers to catch a larger drop.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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