August 20, 2012

GOLD Ascending Triangle pattern

  • Gold daily chart shows a possible Ascending triangle pattern. Ascending triangles are bullish in nature but may also break in favor of bears sometimes.
  • For this pattern 1629 - 1633 is the resistance zone. Daily chart also faces previous support zone in which is acting as resistance around these levels.
  • For any breakout to be successful it has to trade above 200 Day SMA. Breakdown levels are 1584 - 1590 zone.

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