XAU/USD is currently displaying a textbook triangle consolidation pattern as part of what appears to be wave IV in its Elliott Wave sequence. This corrective structure is developing after a strong upward move and shows clear converging trendlines with alternating A-B-C swings.
Technical Analysis:
Triangle patterns typically represent consolidation before continuation of the primary trend. If this pattern completes as expected, we could see a final wave V impulse in the coming sessions.
Watch for a breakout from this triangle formation - volume should increase to confirm the validity of the move. Target exit or adjust stops based on the direction of the breakout.
Technical Analysis:
- Price consolidating near $3,044 level with minor bearish bias labelled wave ((D))
- A-B-C internal wave structure visible inside consolidation
- Potential wave ((iii)) price target at $3082.37
Triangle patterns typically represent consolidation before continuation of the primary trend. If this pattern completes as expected, we could see a final wave V impulse in the coming sessions.
Watch for a breakout from this triangle formation - volume should increase to confirm the validity of the move. Target exit or adjust stops based on the direction of the breakout.
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