This is how it looks like. If you don’t see it, here it is again.
XAUUSD daily chart
XAUUSD weekly chart
Because it is triangular, it is also called a bullish pennant but importantly whatever the name is, traders should note that
it is expected to be bullish continuation
to look out for break of resistance level/line
that 3-week consolidation is fuel for the next leg up
3 reasons that support XAUUSD has broken out
XAUUSD broke 3 weeks consolidation
Based on trend line study, the 3-week consolidation is broken. Although XAUUSD is now resisted at next level which is previous high, we can see that consolidation zone to become support.
Ok this this is not a good enough reason yet. Today is Friday so there is a good chance to see a week close but really I jumped the gun. However unless higher powers slam XAUUSD below 1237, this bullish condition is likely to meet.
Soh Tiong Hum is Director of TerraSeeds Market Technician Pte Ltd. TerraSeeds is a trading educator in Singapore since 2005.
Soh's Twitter account @sohtionghum was ranked #23 out of The Top 70 Twitter Accounts To Follow In 2015 by MahiFX.
"I do not have a financial advisor's license. I am not qualified by any regulator to give financial advice. I do not know you the reader. Your investment means and motive may be different from me. My posts here are based on observations and meant for education. I am not responsible for for any consequence from your actions."