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Symmetrical Triangle on Daily Chart of Gold as of 2019-07-14

Summary:
A symmetrical triangle pattern has formed on the daily chart of gold. Being a continuation pattern, it suggests that after a period of consolidation prices will go in the previous direction, up in this instance. It is important to remember that patterns do not predict performance with a 100% guarantee as was demonstrated when a similar pattern formed two weeks ago, but prices broke to the downside before rebounding. On the present chart, the yellow lines show the symmetrical triangle pattern itself. The cyan line is drawn 10% of the pattern’s width above the upper side of the triangle and offers an entry point in case of an upside breakout. The green line is drawn at the pattern’s width above the upper side of the triangle provides a profit-taking objective for long positions. You can

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A symmetrical triangle pattern has formed on the daily chart of gold. Being a continuation pattern, it suggests that after a period of consolidation prices will go in the previous direction, up in this instance. It is important to remember that patterns do not predict performance with a 100% guarantee as was demonstrated when a similar pattern formed two weeks ago, but prices broke to the downside before rebounding.

On the present chart, the yellow lines show the symmetrical triangle pattern itself. The cyan line is drawn 10% of the pattern’s width above the upper side of the triangle and offers an entry point in case of an upside breakout. The green line is drawn at the pattern’s width above the upper side of the triangle provides a profit-taking objective for long positions.

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

Symmetrical Triangle on Daily Chart of Gold as of 2019-07-14

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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