The precious metal fell more than 3% in a single day yesterday after the safe haven dollar attracted investors over fear of rising corona virus cases globally.
XAU/USD is stuck in a trading rage, and therefore in breakout mode.
This is manifested by the formation of a triangle on the daily chart.
Breakout can be in either direction, so watch out for the upper and lower boundaries of the formation.
Always wait for clear confirmation before entering any trade.
Target is projected by measuring the difference between the top and bottom of the triangle (2032-1863=169).
Trade safe
XAU/USD is stuck in a trading rage, and therefore in breakout mode.
This is manifested by the formation of a triangle on the daily chart.
Breakout can be in either direction, so watch out for the upper and lower boundaries of the formation.
Always wait for clear confirmation before entering any trade.
Target is projected by measuring the difference between the top and bottom of the triangle (2032-1863=169).
Trade safe
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