Gold/USD Symmetric Triangle

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Following a test of the trendline starting at 1227 the price of GOLD/USD did not make a new low. On Oct 2nd there was a lot of selling but the price failed to break 1100 and closed at 1112.43. Since then there has been a chalenge and breakout of the trendline .Daily close well above 1162 would be a strong signal to the upside. A failure to break the 1162 area could lead to a retest of the trendline around the 1130-1125 area, if that breaks then 1100 could be tested. On the upside 1200 would be the next resistance area .

This is not trading advice


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