{"id":170122,"date":"2020-05-07T09:30:23","date_gmt":"2020-05-07T13:30:23","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=170122"},"modified":"2020-05-07T07:33:01","modified_gmt":"2020-05-07T11:33:01","slug":"xauusd-consolidating-into-a-descending-triangle","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/05\/xauusd-consolidating-into-a-descending-triangle\/","title":{"rendered":"XAUUSD: Consolidating Into A Descending Triangle?"},"content":{"rendered":"<div id=\"inves-3175327502\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">May 7, 2020<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By <\/strong><a href=\"https:\/\/www.orbex.com\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Orbex<\/strong><\/a><\/p>\n<p><a href=\"https:\/\/www.countingpips.com\/wp-content\/uploads\/2020\/05\/XAUUSD_0705-750x430-1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-170144\" src=\"https:\/\/www.countingpips.com\/wp-content\/uploads\/2020\/05\/XAUUSD_0705-750x430-1.png\" alt=\"\" width=\"750\" height=\"430\" srcset=\"https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/05\/XAUUSD_0705-750x430-1.png 750w, https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/05\/XAUUSD_0705-750x430-1-160x92.png 160w, https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/05\/XAUUSD_0705-750x430-1-150x86.png 150w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/a><\/p>\n<p>Price action in gold remains somewhat mixed. However, over the past few sessions, there is a descending triangle pattern that is likely to emerge.<\/p>\n<p>The support level is at 1671.95 which has been tested twice so far.<\/p>\n<p>If gold prices lose this support, we expect to see steeper declines. For the moment, the minor support level at 1691.76 is breached.<\/p>\n<p>This could confirm a move to the lower support area. Within these levels, there is still scope for gold prices to recover off the 1671.95 support.<\/p>\n<p><strong>By <\/strong><a href=\"https:\/\/www.orbex.com\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Orbex<\/strong><\/a><\/p><div id=\"inves-1790620369\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Orbex Price action in gold remains somewhat mixed. However, over the past few sessions, there is a descending triangle pattern that is likely to emerge. The support level is at 1671.95 which has been tested twice so far. If gold prices lose this support, we expect to see steeper declines. For the moment, the [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-170122","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/170122","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=170122"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/170122\/revisions"}],"predecessor-version":[{"id":170146,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/170122\/revisions\/170146"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=170122"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=170122"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=170122"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}