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Ascending Triangle Pattern on 4-Hour Chart of Gold as of 2020-03-29

Summary:
An ascending triangle pattern has formed on the 4-hour chart of gold. Essentially, it is opposite to the descending triangle pattern that has formed on the chart of crude oil. The ascending triangle pattern forms when swing highs are about flat while lows are ascending. It suggests that prices will extend the previous upward movement. On the present chart, the yellow lines show the ascending triangle itself. The cyan line is drawn at 10% of the triangle’s height above the upper border of the pattern is offers an entry point for long positions in case of an upside breakout. The green line is situated at the triangle’s height above the pattern and suggests a profit-taking objective. You can click on the image to see a full-size version: The chart was built using the ChannelPattern script.

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An ascending triangle pattern has formed on the 4-hour chart of gold. Essentially, it is opposite to the descending triangle pattern that has formed on the chart of crude oil. The ascending triangle pattern forms when swing highs are about flat while lows are ascending. It suggests that prices will extend the previous upward movement.

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

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

Ascending Triangle Pattern on 4-Hour Chart of Gold as of 2020-03-29

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 ascending 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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