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Symmetrical Triangle on Daily Chart of Gold as of 2019-07-14

July 14, 2019 at 23:25 by Vladimir Vyun

A symmetrical triangle pattern has formed on the daily chart of gold. Being a continuation pattern, it suggests that after a period of consolidation prices will go in the previous direction, up in this instance. It is important to remember that patterns do not predict performance with a 100% guarantee as was demonstrated when a similar pattern formed two weeks ago, but prices broke to the downside before rebounding.

On the present chart, the yellow lines show the symmetrical triangle pattern itself. The cyan line is drawn 10% of the pattern’s width above the upper side of the triangle and offers an entry point in case of an upside breakout. The green line is drawn at the pattern’s width above the upper side of the triangle provides a profit-taking objective for long positions.

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

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 2019-07-19: The price has broken out of the triangle at 22:00 GMT on Wednesday, July 17. The long position’s entry price was 1429.02 with stop-loss set to 1381.32, and the take-profit level at  1484.60 as of today. The take-profit level will be going down every day with the negative slope of the green line:

Gold - Symmetrical Triangle Pattern on 4-Hour Chart as of 2019-07-19 - Post-Entry Screenshot

Update 2019-08-08: Gold has reached the take-profit of 1471.86 on August 5 at 22:06 GMT:

Gold - Symmetrical Triangle Pattern on 4-Hour Chart as of 2019-08-08 - Post-Exit 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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