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Symmetrical Triangle on 4-Hour Chart of Gold as of 2019-06-30

June 30, 2019 at 19:26 by Vladimir Vyun

Gold experienced a period of consolidation after a rally, resulting in a symmetrical triangle pattern on the 4-hour chart of the commodity. It is a continuation pattern, meaning that it is not inherently bullish or bearish but suggests that prices will continue moving in the same direction as before consolidation. Considering that in this case the previous move was up, it is reasonable to expect the rally to continue.

On the present chart, yellow lines show the triangle pattern itself. The cyan line, which is situated 10% of the pattern’s width above the upper border of the pattern, suggests an entry point for long positions in case of an upward breakout. The green line, situated at the pattern’s width above the upper border of the pattern, offers a profit-target objective for bullish positions.

You can click on the image to see a full-size version:

Gold - Symmetrical Triangle Pattern on H4 Chart as of 2019-06-30

The chart was built using the ChannelPattern script. You can download a MetaTrader 4 chart template for this gold pattern. You can also trade it using the free Chart Pattern Helper EA.

Update 2019-07-01: The trade setup has been cancelled because the gold price had broken out of the triangle to the downside today.

Gold - Symmetrical Triangle Pattern on H4 Chart as of 2019-07-01 - Post-Cancellation Screenshot

If you have any questions or comments regarding this symmetrical triangle pattern on the chart of gold, please feel free to submit them via the form below.

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