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    Chart Art: Gold (XAU/USD) Ascending Triangle Pattern Forming

    Author AvatarBy Ruby Chambers No Comments 3 Mins Read

    Is gold about to break out soon?

    I’m seeing a fresh triangle consolidation pattern forming on its 4-hour chart, with price currently testing support.

    Gold (XAU/USD): 4-hour

    Gold prices have formed higher lows and hit resistance around the $2,700 mark, creating an ascending triangle that’s been holding since mid-November.

    Price has retreated back to its triangle support while risk appetite improved in the past week, and it looks like support is holding so far.

    However, the 100 SMA remains below the 200 SMA to suggest that the path of least resistance is to the downside.

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    She is a seasoned financial market analyst, specializing in Forex and cryptocurrency news. With a sharp eye for trends and a deep understanding of global markets, she provides insightful commentary and analysis, helping traders and investors stay informed and make strategic decisions. Her expertise bridges the gap between complex market data and practical, actionable advice.

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