Gold Trades Ascending Triangle Pattern – Brace Yourself for a Breakout! - Forex News by FX Leaders

Gold Trades Ascending Triangle Pattern – Brace Yourself for a Breakout!

Posted Friday, November 23, 2018 by
Arslan Butt • 1 min read

Gold prices remain steady below $1,228 as Japanese banks remained closed in the observance of Thanksgiving. Moreover, the dollar remains slightly weaker lingering uncertainties over the pace of rate hikes by the US Federal Reserve, putting the metal on course for a second straight weekly gain.

GOLD – XAU/USD – Technical Outlook

On Thursday, we spoke about ascending triangle pattern – gold is still trading that pattern and it’s extending a solid resistance near $1,228. Due to the lack of top-tier news, the precious metal isn’t moving a lot and facing a hard time to break $1,228 but it’s just a matter of time when a big news announcement comes.

Anyhow, the bullish breakout is likely to extend gold’s rally until $1,234. Whereas, below this, gold is likely to remain bearish with a support at $1,221.

Support    Resistance
1226.08       1229.05
1224.67       1230.61
1221.7         1233.58
Key Trading Level: 1227.64

GOLD – XAU/USD – Trade Plan
The idea is to buy above $1,228.50 with a stop loss below $1,226 and take profit at $1,234.

Good luck

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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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