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

According to the chart of M5, GOLD formed the Bearish Rectangle. The pattern indicates a trend continuation. The upper border is 4510.43, the lower border is 4503.84. The signal means that a short position should be opened after fixing a price below the lower border 4503.84 of the Bearish Rectangle.

The Double Bottom pattern has been formed on GOLD M5. Characteristics: the support level 4503.84; the resistance level 4510.43; the width of the pattern 659 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 606 points.

According to the chart of H1, GOLD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 4453.23/4532.24 and upper border is 4585.38/4532.24. The pattern width is measured on the chart at -13215 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 4531.84.

The Double Bottom pattern has been formed on GOLD M5; the upper boundary is 4526.66; the lower boundary is 4518.80. The width of the pattern is 849 points. In case of a break of the upper boundary 4526.66, 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.

According to the chart of H1, GOLD formed the Bearish Symmetrical Triangle pattern. Trading recommendations: A breach of the lower border 4453.23 is likely to encourage a continuation of the downward trend.

On the chart of GOLD M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 4500.64; the lower boundary 4490.47; the width of the pattern 1017 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 4490.32 level.

On the chart of GOLD M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 4489.63; the lower boundary 4476.46; the width of the pattern 1317 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 4476.31 level.

The Triple Bottom pattern has formed on the chart of GOLD M5. Features of the pattern: The lower line of the pattern has coordinates 4488.02 with the upper limit 4488.02/4470.18, the projection of the width is 3250 points. The formation of the Triple Bottom pattern most likely indicates a change in the trend from downward to upward. This means that in the event of a breakdown of the resistance level 4455.52, the price is most likely to continue the upward movement.

The Double Bottom pattern has been formed on GOLD M5; the upper boundary is 4487.78; the lower boundary is 4479.91. The width of the pattern is 724 points. In case of a break of the upper boundary 4487.78, 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.

According to M5, GOLD is shaping the technical pattern – the Inverse Head and Shoulder. In case the Neckline 4554.68/4542.37 is broken out, the instrument is likely to move toward 4542.52.