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

According to the chart of M5, GOLD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 4877.97/4945.90 and upper border is 4992.34/4945.90. The pattern width is measured on the chart at -11437 pips. The formation of the Bearish Symmetrical Triangle pattern evidently signals a continuation of the downward trend. In other words, if the scenario comes true and GOLD breaches the lower border, the price could continue its move toward 4945.75.

According to the chart of M5, GOLD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 4877.97/4929.24 and upper border is 5003.64/4929.24. The pattern width is measured on the chart at -12567 pips. The formation of the Bearish Symmetrical Triangle pattern evidently signals a continuation of the downward trend. In other words, if the scenario comes true and GOLD breaches the lower border, the price could continue its move toward 4929.09.

The Triple Top pattern has formed on the chart of the GOLD H1. Features of the pattern: borders have an ascending angle; the lower line of the pattern has the coordinates 4987.73/4998.86 with the upper limit 5085.98/5118.76; the projection of the width is 9825 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 4987.73, the price is most likely to continue the downward movement.

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 5032.15 is broken, the downward movement will continue.

According to the chart of H1, GOLD formed the Bullish Symmetrical Triangle pattern. The lower border of the pattern touches the coordinates 4986.34/5045.63 whereas the upper border goes across 5085.98/5045.63. If the Bullish Symmetrical Triangle pattern is in progress, this evidently signals a further upward trend. In other words, in case the scenario comes true, the price of GOLD will breach the upper border to head for 5046.03.

According to the chart of H1, GOLD formed the Bullish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: the lower border 4987.73 – 4987.73 and upper border 5085.98 – 5085.98. In case the upper border is broken, the instrument is likely to follow the upward trend.

According to the chart of M5, GOLD formed the Bullish Symmetrical Triangle pattern. The lower border of the pattern touches the coordinates 5024.88/5037.97 whereas the upper border goes across 5054.02/5037.97. If the Bullish Symmetrical Triangle pattern is in progress, this evidently signals a further upward trend. In other words, in case the scenario comes true, the price of GOLD will breach the upper border to head for 5038.12.

The Triple Top pattern has formed on the chart of the GOLD H1 trading instrument. It is a reversal pattern featuring the following characteristics: resistance level -1602, support level -595, and pattern’s width 6498. Forecast If the price breaks through the support level 4981.78, it is likely to move further down to 5085.58.

The Double Top pattern has been formed on GOLD H1. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 4654.42 is broken, the downward movement will continue.

The Bullish pennant pattern is formed on the GOLD H1 chart. It is a type of the continuation pattern. Supposedly, in case the price is fixed above the pennant’s high of 5101.96, a further uptrend is possible.