XAUUSD

Gold is in a bullish trend on the daily timeframe, following an ascending trendline. It completed an Elliott Wave ABC and is now in a symmetrical triangle, having also completed the symmetrical Elliott Wave 12345. The price has touched the symmetrical resistance trendline and formed a bearish hanging man pattern. We should consider selling after the next bearish confirmation, expecting the price to follow the Elliott Wave ABC pattern downwards to the ascending trendline.