DESCENDING TRIANGLE XAUUSD (FOR EDUCATION & DISCUSSION ONLY)
Hi guys,
First of all do not use this for your call!
What we have been watching lately is gold making a descending triangle pattern. As we all know that descending triangle pattern is a signal of a bearish price move. We still believe that the monthly RSI needs to be cooled down which currently at 79 and keeps pointing down, which we believe will keep going down to 60-50 area before it bounce back. And the question is how deep it will drop? Normally on descending triangle pattern the drop target is more or less is the same price range as the base (mentioned in the chart).
For us it is a good opportunity to short yet a decent discount price to buy before the price fly.
Please let me know about your opinion in comment sections. May pips be with you. God bless!
First of all do not use this for your call!
What we have been watching lately is gold making a descending triangle pattern. As we all know that descending triangle pattern is a signal of a bearish price move. We still believe that the monthly RSI needs to be cooled down which currently at 79 and keeps pointing down, which we believe will keep going down to 60-50 area before it bounce back. And the question is how deep it will drop? Normally on descending triangle pattern the drop target is more or less is the same price range as the base (mentioned in the chart).
For us it is a good opportunity to short yet a decent discount price to buy before the price fly.
Please let me know about your opinion in comment sections. May pips be with you. God bless!
