the Gold (XAU/USD) is moving sideways in a triangle chart pattern. This signals a continuation of the established uptrend.
The XAU/USD needs to break above the resistance trend line and Wizz 5 level. This would confirm (green check) an uptrend within the wave 5 (purple) pattern. The triangle is either fully or nearly completed. This means that price could be building a wave E (purple) of wave 4 now or soon.
An unexpected bearish breakout (orange arrows) could take place too. But price action remains in bullish territory despite the deeper retracement. A bounce at support is expected (green check). Only a breakout below the previous support zone would make a wave 4 less likely (red x).
The analysis has been done with SWAT method (simple wave analysis and trading).
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