Triple Top on XAU/USD

Triple Top on XAU/USD

XAU/USD quotes are consolidating. There is no defined trend. The current technical pattern signals a possible correction after a significant increase. A classic reversal pattern, Triple Top, (H1 timeframe), has been formed in the trading instrument. Some Price Action patterns, Pin Bar and Bearish Engulfing, are a confirmation signal. The 1915.00 mark is local support. We recommend paying attention to this situation.

If the price fixes below 1915.00, it is necessary to look for entry points to the market to open short positions. The nearest goal for profit-taking is 1880.00-1865.00. The movement is tending to the round level of 1800.00. When following positions, we recommend using a trailing stop.

by JustForex 2020.08.25

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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