
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.
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
Yesterday the CPI numbers from European countries showed a slowdown, so today's headline Eurozone inflation numbers should be soft as well
1 day ago
Comments
Subscribe
Login
0 Comments