Gold - correction after triangle breakout

TVC:GOLD   CFDs on Gold (US$ / OZ)
The triangle pattern has been broken and the price of gold has rocketed to the highest levels since 2012. After that rally the market has retraced back near the line drawn through the tops. This correction looks like a potential ABC pattern - simple correction.

For now the investors may take a look at the downward channel with its upper and lower limits as a potential resistance and support levels. If the line drawn through tops is broken we could expect another rally. The textbook target is located at 1813 USD.

Daniel Kostecki, Chief Analyst Conotoxia Ltd.

Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.

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