The upper limit in the symmetrical triangle pattern has been broken. In our recent analysis, we have mentioned that this pattern may be crucial for the gold market. What is more, if the recent top at 1747 USD will be broken too, we may expect another rally.
The textbook target is located at 1813 USD and it is set by the height of the triangle pattern. The nearest potential support could be set by the line drawn through the tops. Only a move back inside the triangle pattern may change the current bullish sentiment.
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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.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The textbook target is located at 1813 USD and it is set by the height of the triangle pattern. The nearest potential support could be set by the line drawn through the tops. Only a move back inside the triangle pattern may change the current bullish sentiment.
________
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.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
