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.

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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.
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