Gold is trapped in the triangle

Gold is trapped in the triangle

2019-11-11 • Updated

Recommendations:

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.

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