Gold trade doing well – Ascending triangle breakout! - Forex News by FX Leaders
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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About the author

Arslan Butt // 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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