Bearish XAUUSD - 06 November 2024

EURUSD Forex

Gold

Bearish Closed

Charts by TradingView

A Price Action Descending Triangle pattern formation on the 4 Hour time frame chart supports Gold Bearish bias. A break of 2706.550 will support the fall towards the target of 2643.265 the break of 2643.265 would push the price to 2601.075.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 2665.073
Support S1: 2662.086, S2: 2660.443 , S3: 2657.456
Resistance R1: 2666.716 , R2: 2669.703 , R3: 2671.346

Brokers

Open account

Summary

Instrument :

Gold

Direction :

Bearish

Pattern Name :

Descending Triangle

Probability :

50%

Entry Level :

2706.550

Activation Time :

2024-11-06 07:00

Age :

5 Bars

Progress :

100%

Close Time :

2024-11-06 23:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

MEMBERS ONLY

Descending Triangle

A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows. a descending triangle can be either bearish or bullish. Traditionally, a regular descending triangle pattern is considered to be a bearish chart pattern. However, a descending triangle pattern can also be bullish.