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XAUUSD: Consolidating Into A Descending Triangle?

May 7 2020, 01:35 PM (BDT) | Orbex.com

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.

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