Gold - Symmetrical Triangle

Razvan Mihai


Starting from 30th of May, the price of Gold entered in a strong uptrend. The aggressive upward move got the price from $1274 per ounce to $1438 in less than a month, thus reaching the highest value since 2013, before stopping. Below the current resistance the price action had drawn a consolidation pattern, Symmetrical triangle. In technical analysis, this pattern is considered to be a continuation pattern. 

A break above the superior line of the pattern is expected to signal a continuation of the current trend, giving traders a new target at around $1466 per ounce. Though the probability is higher for the move to continue upward, traders should keep an eye over a possible break below the lower line of the triangle which actually would provide a negative signal, with the closest support level at $1357.

Gold symmetrical triangle

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