FX.co ★ Patterns GOLD | Gold Rate in the Forex market

The Double Top pattern has been formed on GOLD M5. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 2295.56 is broken, the downward movement will continue.

According to the chart of M5, GOLD formed the Bearish Symmetrical Triangle pattern. This pattern signals a further downward trend in case the lower border 2297.91 is breached. Here, a hypothetical profit will equal the width of the available pattern that is -433 pips.

The Triple Top pattern has formed on the chart of the GOLD M5. Features of the pattern: borders have an ascending angle; the lower line of the pattern has the coordinates 2306.57/2322.47 with the upper limit 2327.81/2325.93; the projection of the width is 2124 points. The formation of the Triple Top figure most likely indicates a change in the trend from upward to downward. This means that in the event of a breakdown of the support level of 2306.57, the price is most likely to continue the downward movement.

According to the chart of M15, GOLD formed the Bullish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 2309.99 and support 2295.89. In case the resistance level 2309.99 - 2309.99 is broken, the instrument is likely to follow the bullish trend.

The Double Top reversal pattern has been formed on GOLD M15. Characteristics: the upper boundary 2309.99; the lower boundary 2296.94; the width of the pattern is 1304 points. Sell trades are better to be opened below the lower boundary 2296.94 with a possible movements towards the 2296.72 level.

The Triple Bottom pattern has formed on the chart of the GOLD M30 trading instrument. The pattern signals a change in the trend from downwards to upwards in the case of breakdown of 2292.79/2289.27.

The Double Top pattern has been formed on GOLD M5. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 2281.14 is broken, the downward movement will continue.

According to M5, GOLD is shaping the technical pattern – the Inverse Head and Shoulder. In case the Neckline 2317.97/2316.88 is broken out, the instrument is likely to move toward 2317.03.

The Double Bottom pattern has been formed on GOLD M5; the upper boundary is 2336.69; the lower boundary is 2332.40. The width of the pattern is 420 points. In case of a break of the upper boundary 2336.69, a change in the trend can be predicted where the width of the pattern will coincide with the distance to a possible take profit level.

The Double Bottom pattern has been formed on GOLD M5. Characteristics: the support level 2332.29; the resistance level 2346.25; the width of the pattern 1396 points. If the resistance level is broken, a change in the trend can be predicted with the first target point lying at the distance of 1376 points.