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.

Omkar Godbole FXStreet Contributor

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

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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