Quick Update on Gold Signal – Ascending Triangle Pattern in Play - Forex News by FX Leaders
Gold - 4 Hour Chart

Quick Update on Gold Signal – Ascending Triangle Pattern in Play

Posted Thursday, September 20, 2018 by
Arslan Butt • 1 min read

Gold prices continue to trade sideways, after rising in the previous session, as the dollar weakened amid easing Sino-U.S. trade anxieties and traders waiting for the U.S. Federal Reserve meeting next week. The higher rate of interest depresses the demand for non-interest yielding assets such as gold and consequently boosts the demand for the dollar. That is why we are seeing a muted behavior of gold despite the safe-haven appeal.

Gold - 4 Hour Chart

Gold – 4 Hour Chart

Gold has formed an ascending triangle pattern which is providing a strong resistance to gold near $1,206. I can’t say when to expect a breakout as the U.S. economy isn’t expected to release any major data today.

Support Resistance
1201.14 1206.61
1198.26 1209.2
1192.8 1214.66
Key Trading Level: 1203.73

Anyhow, the bullish breakout of $1,206 can offer us an opportunity to go long for $1,212. We just closed our earlier buying signal as gold is facing a hard time breaking the $1,206 resistance. The yellow metal can drop to $1,201 and $1,197, if it continues to hold below $1,206.

Good luck and keep following for more updates!

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
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments