Gold Hour Chart

Gold trade doing well – Ascending triangle breakout!

Posted Thursday, September 6, 2018 by
Arslan Butt • 1 min read

What’s up, traders.

On the London open we shared a quick trading signal on gold to open a buy trade at $1,198 with a target of $1,201. Looks like the trade is doing pretty well and will hit our take profit soon. What’s next?

Gold Hour Chart

Gold Hour Chart

Gold has formed an ascending triangle pattern which is suggesting a bullish bias of traders. Typically, the ascending triangle pattern breaks out on the upper side. Therefore, gold may continue trading bullish until $1,203. I will see if we can place a sell position at $1,203. Actually, I depend on the closing of candlesticks.

Gold – Key Trading Levels

Support Resistance
1187.32 1198.94
1182.69 1205.93
1171.07 1217.55
Key Trading Level: 1194.31

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