XAUUSD - Analysis & Prediction Weekly TF
In the picture we can see an Ascending Triangle pattern as an early sign of gold rise. Technical give signs first by forming patterns that will determine where the next price will go before fundamental news / policy is released / occurs. (?)
The price target of the ascending triangle pattern is determined by projecting the height from the lowest point to the highest point in the pattern zone. And the target was reached this week, which was later rewarded by bearish so as to form a fairly long Bearish Engulfing candle pattern. The overall length is almost twice that of the previous week's bullish candle.
Of course the candle is strong enough as a sign of reversal, followed by liquid volume. The volume may differ from vendor to vendor.
Estimate of further price movements clearly continue to fall. I don't think anyone would expect prices to rise after a reversal sign. At least the price has the potential to go to the point of resistance in the previous ascending pattern to retest EMA 200 (black line) weekly.
And if we look at it as a whole, the movement is forming a Symmetrical Triangle pattern (dashed line, black color). This pattern would determine where the price direction in the future, up or down depends on which channel is broken.
Note: I don't give buy and sell signals. All my posts are just ideas. If you want to apply, do your own analysis first, make sure it matches your analysis. If not, then just trash this idea. So that you won't disappointed and blame the other party when everything does not fit the analysis.
The price target of the ascending triangle pattern is determined by projecting the height from the lowest point to the highest point in the pattern zone. And the target was reached this week, which was later rewarded by bearish so as to form a fairly long Bearish Engulfing candle pattern. The overall length is almost twice that of the previous week's bullish candle.
Of course the candle is strong enough as a sign of reversal, followed by liquid volume. The volume may differ from vendor to vendor.
Estimate of further price movements clearly continue to fall. I don't think anyone would expect prices to rise after a reversal sign. At least the price has the potential to go to the point of resistance in the previous ascending pattern to retest EMA 200 (black line) weekly.
And if we look at it as a whole, the movement is forming a Symmetrical Triangle pattern (dashed line, black color). This pattern would determine where the price direction in the future, up or down depends on which channel is broken.
Note: I don't give buy and sell signals. All my posts are just ideas. If you want to apply, do your own analysis first, make sure it matches your analysis. If not, then just trash this idea. So that you won't disappointed and blame the other party when everything does not fit the analysis.
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