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

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..


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

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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