Quick Profit In Gold – Traders Await Triangle Breakout

Posted Tuesday, April 17, 2018 by
Arslan Butt • 1 min read

The yellow metal is trading sideways with an upper range of $1,349 and a lower range of $1,341. Considering this range, we closed a quick 30 pips profit on Gold. For now, Gold has formed a very hot trade setup. Let’s check it out…

GOLD / XAUUSD – Ascending Triangle Pattern

Gold is consolidating in a sideways range and has formed an ascending triangle pattern. The pattern is supporting Gold near $1,341 and a resistance near $1,349.

Gold - 2 - Hour Chart

Gold – 2 – Hour Chart

On the other hand, the leading indicators are signaling investors’ neutral stance. The indecision among traders is mostly because of the safe haven appeal and better than expected US economic events. Overall, the yellow metal is trading exactly in line with our weekly support and resistance levels.

Gold // XAUUSD – Trading Plan

Choppy trading seems to be the plan for the day. I will be looking to sell below $1,349 and buying above $1,341 to target quick 30/40 pips. Moreover, I will be looking to enter the buying position upon the breakage of $1,349, resistance to target $1,356. Good luck!

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