Gold An Ascending Triangle Pattern?
https://www.tradingview.com/x/DGYoya1N/
Over the past month, we have seen that there is a build up at the key resistance level of 1430.000 for gold, which was the level that was broken down back in May 2013. As we see buyers are pushing for higher prices whereas sellers fails to push the price down further, an ascending triangle pattern is being form at the key resistance level of 1430.000. Hence, with an ideal uptrend intact as well as a bullish short-term momentum in place, we can expect a breakout where price target can be drawn to 1480.000 (the high back in 2013) which profit taking might take place again.
Over the past month, we have seen that there is a build up at the key resistance level of 1430.000 for gold, which was the level that was broken down back in May 2013. As we see buyers are pushing for higher prices whereas sellers fails to push the price down further, an ascending triangle pattern is being form at the key resistance level of 1430.000. Hence, with an ideal uptrend intact as well as a bullish short-term momentum in place, we can expect a breakout where price target can be drawn to 1480.000 (the high back in 2013) which profit taking might take place again.
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