Gold Trading Signal - Symmetric triangle breakout doing well! - FX Leaders News
Gold - 2 Hour Chart

Gold Trading Signal – Symmetric triangle breakout doing well!

Posted Thursday, August 30, 2018 by
Arslan Butt • 1 min read

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

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

About the author

Arslan Butt is our Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
Related Articles

Leave a Reply

Notify of