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Symmetrical Triangle Pattern on Daily Chart of Gold as of 2019-10-20

October 21, 2019 at 7:18 by Vladimir Vyun

A symmetrical triangle pattern has formed on a daily chart of gold. Such pattern occurs when prices consolidate before choosing a direction for movement. Being a continuation pattern, it suggests that prices will resume their movement in the previous direction, though this is not guaranteed.

The present chart describes a scenario when prices resume the previous movement to the upside. The yellow lines show the triangle itself. The cyan line situated at the 10% of the triangle’s width above the upper border of the triangle and suggests an entry point in case of an upside breakout. The green line is situated at the pattern’s width above the triangle and offers a profit-taking objective.

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.

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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