Gold Price Analysis: Trapped in an ascending triangle
- Gold prints ascending triangle on the 15-minute chart.
- A breakout would imply a continuation fo the uptrend.
Gold is currently trading at $1,784 per ounce, representing a 0.11% gain on the day, having tested Monday’s high of $1,787 soon before press time.
The yellow metal has carved out an ascending triangle on the 15-minute chart, which comprises trend lines connecting higher lows and a horizontal resistance level.
The ascending triangle is a bullish continuation pattern that usually forms during an uptrend, which seems to be the case here. Gold has formed the ascending triangle at eight-year highs.
A breakout would expose the psychological resistance of $1,800. Alternatively, a downside break of the ascending triangle would shift risk in favor of a deeper pullback to $1,775. At press time, the lower end of the triangle is located at $1,783.
15-minute chart
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Trend: Bullish
Technical levels
Author
Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
