FX.co ★ Patterns GOLD | Gold Rate in the Forex market

The Double Bottom pattern has been formed on GOLD M5. Characteristics: the support level 2378.19; the resistance level 2384.74; the width of the pattern 655 points. If the resistance level is broken, a change in the trend can be predicted with the first target point lying at the distance of 615 points.

On the chart of GOLD M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 2380.30; the lower boundary 2377.31; the width of the pattern 299 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 2377.16 level.

On the chart of GOLD M15 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 2380.26; the lower boundary 2374.51; the width of the pattern 575 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 2374.28 level.

On the chart of GOLD M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 2395.09; the lower boundary 2385.64; the width of the pattern 945 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 2385.49 level.

On the chart of the GOLD M5 trading instrument, the Triple Top pattern that signals a trend change has formed. It is possible that after formation of the third peak, the price will try to break through the resistance level 2368.20, where we advise to open a trading position for sale. Take profit is the projection of the pattern’s width, which is 664 points.

The technical pattern called Head and Shoulders has appeared on the chart of GOLD M15. There are weighty reasons to suggest that the price will surpass the Neckline 2379.62/2379.71 after the right shoulder has been formed. So, the trend is set to change with the price heading for 2379.49.

According to the chart of M30, GOLD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 2333.33/2353.58 and upper border is 2373.96/2353.58. The pattern width is measured on the chart at -4063 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 2353.28.

According to the chart of M5, GOLD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 2344.25/2349.42 and upper border is 2353.63/2349.42. The pattern width is measured on the chart at -938 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 2349.27.

According to the chart of M5, GOLD formed the Bearish Symmetrical Triangle pattern. Trading recommendations: A breach of the lower border 2344.25 is likely to encourage a continuation of the downward trend.

According to the chart of M15, GOLD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 2347.97/2357.95 and upper border is 2365.01/2357.95. The pattern width is measured on the chart at -1704 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 2357.73.