XAUUSD Bullish pennant. Will it break upward as its supposed to?
Gold/ XAUUSD is trading inside a Bullish Pennant pattern.
Technically those patterns break to the upside but it needs to be confirmed first if you want to buy it.
If you see a bullish break out and retest of the pennant's top, buy it and target 2080 (Fibonacci -0.382).
If you see a bearish break out and retest of the pennant's bottom, sell it and target 1900 (1day MA50 potential contact).
Observe the 4hour RSI, the longer it remains under the Falling Resistance, the more bearish it becomes.
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Technically those patterns break to the upside but it needs to be confirmed first if you want to buy it.
If you see a bullish break out and retest of the pennant's top, buy it and target 2080 (Fibonacci -0.382).
If you see a bearish break out and retest of the pennant's bottom, sell it and target 1900 (1day MA50 potential contact).
Observe the 4hour RSI, the longer it remains under the Falling Resistance, the more bearish it becomes.
Follow us, like the idea and leave a comment below!!
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