Ascending Triangle Pattern – Potential Trade In Gold


Today in the European sessions, the Gold prices rose firmly but in a limited trading range of $1253 – $1256. Though the precious metal is in high demand over the U..S fundamentals the gains in metal remained limited.

Overall, the gold traded exactly as we predicted in our Forex Signals Brief for May 19th – Gold Shine Begins To Fade, as it reached the target level of $1252. Over the previous week, the gold prices kept going higher due to the weaker dollar and diminishing bond yields triggered by political uncertainty in the U.S.

Our forex trading signal on gold hit take profit this morning, at $1256. Let's have a look at another trade idea that may be useful in the New York session today.

Forex Trading Signal

The idea is to have a buy position only above $1258 with a stop loss below $1255 and a take profit of $1262.

Gold - Hourly Chart

Gold – Hourly Chart

 

Technical Analysis – Intraday

Today, the precious metal gold has stuck in the sideways trend. The metal has formed an ascending triangle pattern on the hourly chart, which is proving a very strong support at $1252 and resistance at $1257.

However, the prices are still holding above the 50-periods EMA which is signaling investors' bullish tone. While the leading indicators, RSI and Stochastic are holding in the buying zone and giving us another reason to have a buy entry in the gold.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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