Rectangle Pattern

Launch Chart
KUNAL KAMBLE
XAUEUR
·
Nov 26 2022
snapshot
XAU/EUR

The Security is trading in a range at higher levels. The Security is consolidating between 1692-1670 we need to wait for the Security to break beyond this level, if the Security is able to break on either side, following are the conditions which need to be followed.

Condition 1.
If the breakout is on the upside the security has to close above 1692 levels, wait for one candle to close above this level, if it is able to close above the mentioned level start buying.
If the RSI is trading above 73 ignore the breakout.

Condition 2
If the breakout is on the downside the security has to close below 1670 levels, wait for one candle to close below the level, if it is able to close below the mentioned level start selling.

Advice : Wait For Breakout