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XAUUSD: Consolidating Into A Descending Triangle?

Posted On 07 May 2020
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xauusd

Price action in gold remains somewhat mixed. However, over the past few sessions, there is a descending triangle pattern that is likely to emerge.

The support level is at 1671.95 which has been tested twice so far.

If gold prices lose this support, we expect to see steeper declines. For the moment, the minor support level at 1691.76 is breached.

This could confirm a move to the lower support area. Within these levels, there is still scope for gold prices to recover off the 1671.95 support.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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