FX.co ★ Actual patterns. Technical analysis and trading recommendations

According to the chart of M5, GOLD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 3314.14/3331.45 and upper border is 3343.45/3331.45. The pattern width is measured on the chart at -2931 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 3331.30.

The Double Bottom pattern has been formed on GOLD M5. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should be opened after the upper boundary of the pattern 3331.24 is broken. The further movements will rely on the width of the current pattern 1107 points.

The technical pattern called Head and Shoulders has appeared on the chart of GOLD M5. There are weighty reasons to suggest that the price will surpass the Neckline 3473.12/3476.36 after the right shoulder has been formed. So, the trend is set to change with the price heading for 3476.21.

The Double Top reversal pattern has been formed on GOLD M15. Characteristics: the upper boundary 3429.80; the lower boundary 3405.54; the width of the pattern is 2449 points. Sell trades are better to be opened below the lower boundary 3405.54 with a possible movements towards the 3405.31 level.

On the chart of the GOLD M5 trading instrument, the Triple Top pattern that signals a trend change has formed. It is possible that after formation of the third peak, the price will try to break through the resistance level 3381.38, where we advise to open a trading position for sale. Take profit is the projection of the pattern’s width, which is 1420 points.

According to the chart of M5, GOLD formed the Bullish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 3396.64 and support 3390.42. In case the resistance level 3396.64 - 3396.64 is broken, the instrument is likely to follow the bullish trend.

The Double Top reversal pattern has been formed on GOLD M5. Characteristics: the upper boundary 3395.58; the lower boundary 3381.38; the width of the pattern is 1463 points. Sell trades are better to be opened below the lower boundary 3381.38 with a possible movements towards the 3381.23 level.

The Double Top reversal pattern has been formed on GOLD M5. Characteristics: the upper boundary 3384.89; the lower boundary 3377.85; the width of the pattern is 687 points. Sell trades are better to be opened below the lower boundary 3377.85 with a possible movements towards the 3377.70 level.

According to the chart of M5, GOLD formed the Bearish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: lower border 3312.24 – 3312.24 and upper border 3324.83 – 3324.83. In case the lower border is broken, the instrument is likely to follow the downward trend.

The Triple Top pattern has formed on the chart of the GOLD M5 trading instrument. It is a reversal pattern featuring the following characteristics: resistance level 87, support level -1386, and pattern’s width 1914. Forecast If the price breaks through the support level 3255.48, it is likely to move further down to 3274.78.