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Gold Readies for Breakout Symmetrical Pattern Suggests

May 18, 2014 at 19:04 by Vladimir Vyun

A symmetrical triangle has formed on the daily price chart of gold. Such pattern occurs when prices consolidate, and it is often followed by a sharp breakout and traders might profit greatly if catch such move early. A breakout can occur in either direction but most often it continues the previous trend. On the current chart yellow line show the pattern itself (and it is not completely symmetrical). In case prices break to the downside (which is likely as the previous movement, started in the middle of March, was down) the cyan line show the suggested point of entry in a position, while the green line shows the profit-taking objective.

Click the image to enlarge it to a full-size screenshot:

You can download the MetaTrader 4 chart template for this pattern.

If you have any questions or comments regarding this chart pattern for gold, please feel free to reply below.

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