forex report
Apr 13 2018

Gold(XAUUSD) – Descending Triangle with Bearish Engulfing

Gold(XAUUSD):-Descending Triangle is formed on a daily chart of Gold(XAUUSD), declining peaks with equal lows are clearly visible on the chart. Gold is presently trading in the range of this triangle, in which the resistance stood at around 1350-60$ and the support of this triangle is at around 1307-1310$. On the resistance of this triangle, a double candlestick reversal pattern(Bearish Engulfing) formed was yesterday(12-April-2018) – which in general an indication of strength of bears over bulls. As per the studies we can target Gold against U.S Dollar(XAUUSD) to fall at around $1307-10 mark in coming days. We suppose to sell the metal at around $1344-46 mark for the target of $1310 with a stop-loss of $1357.