Gold is trapped in the triangle

Gold is trapped in the triangle


BUY $1262,5 SL $1252,5 TP $1315,

SELL $1248 SL $1258 TP1 $1233 TP2 $1224.   

On the daily chart of gold, quotes are hovering near the upper border of the triangle. A break of the resistance and return of quotes to the upward trading channel can lead to the continuation of the rally towards  $1315 per ounce (target 127.2% of the AB = CD pattern). In contrast, the return of the bullion to the long-term downward trading channel may result in the correction to the medium-term bullish trend.

On the hourly chart of gold, there is a consolidation within the triangle. A break of the resistance at $1262.5 will create prerequisites for the continuation of the rally. A successful test of the support at $1248.3 is fraught with the rollback.



USD/TRY has moved sharply down this week falling to the support line since the end of November.

Trade ideas for gold

The downside correction is long due in XAU/USD. Gold is stuck ahead of resistance at 1298.50.

Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...


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