FX.co ★ Actual patterns. Technical analysis and trading recommendations

According to the chart of H1, GOLD formed the Head and Shoulders pattern. The Head’s top is set at 4629.71 while the median line of the Neck is found at 4577.93/4575.08. The formation of the Head and Shoulders pattern evidently signals a reversal of the upward trend. In other words, in case the scenario comes true, the price of GOLD will go towards 4574.68.

On the chart of GOLD M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 4599.23; the lower boundary 4592.14; the width of the pattern 709 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 4591.99 level.

The Bullish pennant pattern is formed on the GOLD H1 chart. It is a type of the continuation pattern. Supposedly, in case the price is fixed above the pennant’s high of 4600.56, a further uptrend is possible.

The Double Top reversal pattern has been formed on GOLD M5. Characteristics: the upper boundary 4495.93; the lower boundary 4482.08; the width of the pattern is 1556 points. Sell trades are better to be opened below the lower boundary 4482.08 with a possible movements towards the 4481.93 level.

According to the chart of M5, GOLD formed the Bullish Symmetrical Triangle pattern. Description: This is the pattern of a trend continuation. 4477.12 and 4464.07 are the coordinates of the upper and lower borders respectively. The pattern width is measured on the chart at 1305 pips. Outlook: If the upper border 4477.12 is broken, the price is likely to continue its move by 4470.82.

According to the chart of M5, GOLD formed the Bullish Symmetrical Triangle pattern, which signals the trend will continue. Description. The upper border of the pattern touches the coordinates 4483.55/4467.38 whereas the lower border goes across 4444.14/4467.38. The pattern width is measured on the chart at 3941 pips. If the Bullish Symmetrical Triangle pattern is in progress during the upward trend, this indicates the current trend will go on. In case 4467.38 is broken, the price could continue its move toward 4467.53.

According to the chart of M15, GOLD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 4415.17/4426.51 and upper border is 4441.91/4426.51. The pattern width is measured on the chart at -2674 pips. The formation of the Bearish Symmetrical Triangle pattern evidently signals a continuation of the downward trend. In other words, if the scenario comes true and GOLD breaches the lower border, the price could continue its move toward 4426.29.

The Bearish pennant pattern has formed on the GOLD M5 chart. The pattern signals continuation of the downtrend in case the pennant’s low of 4445.58 is broken through. Recommendations: Place the sell stop pending order 10 pips below the pattern’s low. Place the take profit order at the projection distance of the flagpole height.

The Triple Top pattern has formed on the chart of the GOLD M15 trading instrument. It is a reversal pattern featuring the following characteristics: resistance level -309, support level -1833, and pattern’s width 2767. Forecast If the price breaks through the support level 4462.86, it is likely to move further down to 4489.67.

On the chart of GOLD M15 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 4489.89; the lower boundary 4462.86; the width of the pattern 2703 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 4462.63 level.