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Symmetrical Triangle on 4-Hour Chart of Gold as of 2019-06-30

Summary:
Gold experienced a period of consolidation after a rally, resulting in a symmetrical triangle pattern on the 4-hour chart of the commodity. It is a continuation pattern, meaning that it is not inherently bullish or bearish but suggests that prices will continue moving in the same direction as before consolidation. Considering that in this case the previous move was up, it is reasonable to expect the rally to continue. On the present chart, yellow lines show the triangle pattern itself. The cyan line, which is situated 10% of the pattern’s width above the upper border of the pattern, suggests an entry point for long positions in case of an upward breakout. The green line, situated at the pattern’s width above the upper border of the pattern, offers a profit-target objective for bullish

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Gold experienced a period of consolidation after a rally, resulting in a symmetrical triangle pattern on the 4-hour chart of the commodity. It is a continuation pattern, meaning that it is not inherently bullish or bearish but suggests that prices will continue moving in the same direction as before consolidation. Considering that in this case the previous move was up, it is reasonable to expect the rally to continue.

On the present chart, yellow lines show the triangle pattern itself. The cyan line, which is situated 10% of the pattern’s width above the upper border of the pattern, suggests an entry point for long positions in case of an upward breakout. The green line, situated at the pattern’s width above the upper border of the pattern, offers a profit-target objective for bullish positions.

You can click on the image to see a full-size version:

Symmetrical Triangle on 4-Hour Chart of Gold as of 2019-06-30

The chart was built using the ChannelPattern script. You can download a MetaTrader 4 chart template for this gold pattern. You can also trade it using the free Chart Pattern Helper EA.

If you have any questions or comments regarding this symmetrical triangle pattern on the chart of gold, please feel free to submit them via the form below.


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Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

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