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

The Bullish pennant signal – Trading instrument GOLD M30, continuation pattern. Forecast: it is possible to set up a buy position above the pattern’s high of 4690.13, with the prospect of the next move being a projection of the flagpole height.

The Triple Top pattern has formed on the chart of the GOLD M5 trading instrument. It is a reversal pattern featuring the following characteristics: resistance level 324, support level -429, and pattern’s width 2234. Forecast If the price breaks through the support level 4576.20, it is likely to move further down to 4595.41.

According to the chart of M5, GOLD formed the Bullish Symmetrical Triangle pattern. The lower border of the pattern touches the coordinates 4592.14/4602.01 whereas the upper border goes across 4615.69/4602.01. If the Bullish Symmetrical Triangle pattern is in progress, this evidently signals a further upward trend. In other words, in case the scenario comes true, the price of GOLD will breach the upper border to head for 4602.16.

According to the chart of M15, GOLD formed the Bullish Symmetrical Triangle pattern. The lower border of the pattern touches the coordinates 4588.55/4603.98 whereas the upper border goes across 4620.41/4603.98. If the Bullish Symmetrical Triangle pattern is in progress, this evidently signals a further upward trend. In other words, in case the scenario comes true, the price of GOLD will breach the upper border to head for 4604.21.

The Bullish pennant graphic pattern has formed on the GOLD M15 instrument. This pattern type falls under the category of continuation patterns. In this case, if the quote can breaks out high, is expected to continue the upward trend to level 4622.71.

The Double Top pattern has been formed on GOLD M15. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 4581.61 is broken, the downward movement will continue.

The Double Bottom pattern has been formed on GOLD M15. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should be opened after the upper boundary of the pattern 4614.15 is broken. The further movements will rely on the width of the current pattern 3106 points.

The Double Bottom pattern has been formed on GOLD M5. Characteristics: the support level 4580.72; the resistance level 4593.37; the width of the pattern 1265 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 1242 points.

On the chart of GOLD M30 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 4641.26; the lower boundary 4625.60; the width of the pattern 1566 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 4625.30 level.

On the chart of the GOLD M15 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 4617.45, where we advise to open a trading position for sale. Take profit is the projection of the pattern’s width, which is 2183 points.