Gold on the Edge
The price is trading within converging trendlines, forming a symmetrical triangle.
This indicates a phase of consolidation and decreasing volatility, suggesting a potential breakout soon.
The current price is near the midpoint of the triangle and seems like forming double top on H4, with potential to retest support.
Momentum seems neutral, awaiting a trigger for a directional move.
Liquidity will likely be taken from one side (most probably from the support trendline) before the real move occurs till then we can consider the sideways market and we can plan our trade accordingly for Intra day.
This indicates a phase of consolidation and decreasing volatility, suggesting a potential breakout soon.
The current price is near the midpoint of the triangle and seems like forming double top on H4, with potential to retest support.
Momentum seems neutral, awaiting a trigger for a directional move.
Liquidity will likely be taken from one side (most probably from the support trendline) before the real move occurs till then we can consider the sideways market and we can plan our trade accordingly for Intra day.
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