How to Trade Descending Triangle Chart Pattern in XAUUSD
How to Trade the Descending Triangle Chart Pattern
Falling Wedge Chart Pattern
The descending triangle chart pattern in xauusd is formed in a down xauusd trend & it shows that the downwards direction of gold price movement is going to continue.
Descending triangle chart pattern is also referred to as falling wedge pattern.
Descending triangle chart pattern shows that there is a support level that the sellers keep pushing each time moving this support level lower, and once it breaks gold price will continue heading downwards.
The support level temporarily prevents the xauusd market from declining lower, while the descending sloping line above the falling wedge chart pattern signals that sellers are still present.
A downside penetration of the lower line of the descending triangle pattern is a technical sell signal for a market breaking down from a descending triangle, & this indicates selling will follow.
Descending triangle chart pattern is found within a XAUUSD downward trend, the descending triangle pattern forms as a consolidation period within the downwards xauusd trend and indicates downside xauusd market xauusd trend continuation will follow.
How to Trade the Descending Triangle Chart Pattern
The xauusd market formed a descending triangle pattern during its downward xauusd trend which led to further selling & continuation of the gold trading downwards trading trend.
The technical sell signal is when price breaks lower horizontal sloping line of the descending triangle pattern as selling resumes to push the gold market price lower - continuation of the downwards gold trend.
