GOLD - Symmetrical triangle, watch for upper/lower trend breaks
- Gold looks to be forming within a symmetrical triangle pattern
- Pattern characterised by both an ascending and ascending trend-line acting as respective support/resistance
- A break of the lower trend-line support would indicate the start of a new short term bear trend
- A break of the upper trend-line resistance would indicate the resumption of the previous bullish trend
*** A lot of US economic data releases today/tomorrow including the NFP (Non-Farm-Payrolls 1st Friday of each month)
could provide a lot of volatility therefore trade with caution and if you are going to place trades SET STOP LOSSES.
*** My personal bias on this pair is long
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- Pattern characterised by both an ascending and ascending trend-line acting as respective support/resistance
- A break of the lower trend-line support would indicate the start of a new short term bear trend
- A break of the upper trend-line resistance would indicate the resumption of the previous bullish trend
*** A lot of US economic data releases today/tomorrow including the NFP (Non-Farm-Payrolls 1st Friday of each month)
could provide a lot of volatility therefore trade with caution and if you are going to place trades SET STOP LOSSES.
*** My personal bias on this pair is long
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
Comment:
-Upper trend-line resistance being broken as I write this