Gold Trading Signal – Symmetric triangle breakout doing well!

The precious metal gold has come out of the symmetric triangle pattern on better than expected GDP data. The US gross domestic product rose at a 4.2% annualized rate, as the Commerce Department data showed in its second estimate of GDP growth for the second quarter. That was slightly up from the 4.1% growth rate reported in July.

Gold – 2 Hour Chart

On the 2 – hour chart, gold was trading in a symmetric triangle pattern which supported it near $1204. At present, the same level is working as a resistance and the market can go after $1,199. Overall, gold’s short-term technical outlook is bearish as the RSI and moving averages are suggesting a bearish bias of traders.

Our forex trading signal is to sell below $1,203 to target $1,200.50. Good luck.