Gold is currently forming a symmetrical triangle pattern as is consolidates price following strong gains earlier in the year. This provides investors with 2 strong buy opportunity's as it looks to make further gains driven by strong fundamentals and the high uncertainty in international markets.
1. We can see that gold has strong support on the lower side of the triangle. therefore if the price is to test this line again there is potential for massive profits if one buy as the price rebounds from this support
2. If price were to breakout through the top side of the symmetrical triangle this presents us with another strong buy opportunity with an estimated 3%+ gain on day of breakout followed by the testing and potential surpassing of previous all-time high.
*in both cases it is important to thoroughly establish that a breakout/rebound has occurred before placing a trade
1. We can see that gold has strong support on the lower side of the triangle. therefore if the price is to test this line again there is potential for massive profits if one buy as the price rebounds from this support
2. If price were to breakout through the top side of the symmetrical triangle this presents us with another strong buy opportunity with an estimated 3%+ gain on day of breakout followed by the testing and potential surpassing of previous all-time high.
*in both cases it is important to thoroughly establish that a breakout/rebound has occurred before placing a trade
Comment:
gold has rebounded off support as predicted, looking like strong buy with take profits around 1950