Choppy Sessions in Gold – Trade the Ascending Triangle

Gold faced strong technical resistance at $1,300, keeping the bullion range-bound for the past couple of weeks.


On Monday, the yellow metal gold inched up to trade at $1,292, adding +0.21% for the day. The commodities are supported by expectations that the US Federal Reserve will not hike rates this year.

The precious metal gold faced strong technical resistance at $1,300, keeping the bullion range-bound for the past couple of weeks. On the 3 hour chart, gold has formed a symmetric triangle pattern which is keeping the gold in a narrow range. The intraday range remains at $1,297 – $1,287.

Support Resistance
1284.51 1292.93
1281.48 1298.31
1273.06 1306.72
Key Trading Level: 1289.89

On the upper side, the violation of $1,295 can lead gold prices towards $1,300. Whereas, gold can stay bearish below $1,287.

I will be looking to trade choppy sessions until the market trades in the same range. 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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