• Oct 3, 2024
  • Trade ideas

XAUUSD: Symmetrical Triangle

XAUUSD, H4

XAUUSDH4.png

In the H4 timeframe, the XAUUSD breaches below the lower border of the symmetrical triangle and faces the 2645 support level.

The RSI oscillator crosses the 50-line down and the Parabolic SAR pointed the dot above the price, confirming a bearish move for the asset.

  • Consider a short trade on XAUUSD on a breaching below the 2645 support, with the target at the 2590 support level
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Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul