ABCD pattern in Gold – Is it going for $1,181?

Posted Wednesday, August 15, 2018 by
Arslan Butt • 1 min read

Today during the early Asian session, gold prices slid to their lowest since January 2017, pressured as the dollar index soared to its highest in 13 months. No surprises here, it’s exactly what we suggested in our previous update Aug 14 – Economic Event Brief.

Gold - 2 Hour Chart

Gold – 2 Hour Chart

Gold seems to form an ABCD pattern on the 2-hour chart. As you can see, it has complete 38.2% retracement near $1,198 and has also violated the major support zone of $1,192.

The recent bearish engulfing candle is suggesting a strong bearish sentiment of traders and it has nice chances to go after $1,187 and $1,181.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments