Fan Yang
All posts from Fan Yang
Fan Yang in Fan Yang,

Gold Held in a Triangle

Gold price action has recently made the 2015 and multi-year low at 1077. It has since been in a holding pattern - a symmetric triangle. 

Gold (XAU/USD) 4H Chart 8/6
(click to enlarge)

Let's not focus too much on the triangle structure. I think the key levels re 1106 and 1076. A break above 1106 can extend gold's consolidation mode from the short-term into the medium-term. If price holds under 1105 and breaks below 1076, then we might see a bearish continuation. In this scenario, we can use the width of the current range as a projection - 1106-1076=30, which would target at least the 1046 level.