The price of gold has been creating a potential symmetrical triangle pattern. The price is still below its upper limit and above its lower limit. These lines are the potential and nearest resistance and support areas for the market.
The textbook target could be set by the height of the triangle pattern. If its upper limit is broken we would expect a rally with the target at 1813 USD. However, if the line drawn through the bottoms is broken then the target may be located at 1593 USD.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The textbook target could be set by the height of the triangle pattern. If its upper limit is broken we would expect a rally with the target at 1813 USD. However, if the line drawn through the bottoms is broken then the target may be located at 1593 USD.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
