Gold Price Analysis: Trapped in an ascending triangle


  • Gold prints ascending triangle on the 15-minute chart. 
  • A breakout would imply a continuation fo the uptrend. 

Gold is currently trading at $1,784 per ounce, representing a 0.11% gain on the day, having tested Monday’s high of $1,787 soon before press time. 

The yellow metal has carved out an ascending triangle on the 15-minute chart, which comprises trend lines connecting higher lows and a horizontal resistance level.

The ascending triangle is a bullish continuation pattern that usually forms during an uptrend, which seems to be the case here. Gold has formed the ascending triangle at eight-year highs. 

A breakout would expose the psychological resistance of $1,800. Alternatively, a downside break of the ascending triangle would shift risk in favor of a deeper pullback to $1,775. At press time, the lower end of the triangle is located at $1,783. 

15-minute chart

Trend: Bullish

Technical levels

XAU/USD

Overview
Today last price 1785.02
Today Daily Change 0.56
Today Daily Change % 0.03
Today daily open 1784.46
 
Trends
Daily SMA20 1751.8
Daily SMA50 1729.9
Daily SMA100 1680.18
Daily SMA200 1594.69
 
Levels
Previous Daily High 1787.11
Previous Daily Low 1770.16
Previous Weekly High 1789.28
Previous Weekly Low 1757.7
Previous Monthly High 1785.91
Previous Monthly Low 1670.76
Daily Fibonacci 38.2% 1780.64
Daily Fibonacci 61.8% 1776.63
Daily Pivot Point S1 1774.04
Daily Pivot Point S2 1763.63
Daily Pivot Point S3 1757.09
Daily Pivot Point R1 1790.99
Daily Pivot Point R2 1797.53
Daily Pivot Point R3 1807.94

 

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