XAU/USD 1D Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
One can see the outlines of a symmetrical triangle on the daily chart of XAU/USD. After a precipitous decline (from 1,800 to 1,200), in the third quarter of 2013 the price entered a correction phase, which later on developed into a continuation pattern. Consequently, the gold is more likely to break the up-trend support line at 1,280 and resume depreciation than to violate the falling line at 1,325. The first scenario implies a decline through Jun 3 low at 1,240 towards the Dec 31 low near 1,180. The targets for an alternative scenario are going to be the Jul 10 high at 1,345.50 and Mar 16 high at 1,390. Meanwhile, the SWFX traders are undecided—56% of open positions are long.
© Dukascopy Bank SA
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