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

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.

According to M5, GOLD is shaping the technical pattern – the Inverse Head and Shoulder. In case the Neckline 4563.25/4562.85 is broken out, the instrument is likely to move toward 4563.00.

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 4563.16 is broken. The further movements will rely on the width of the current pattern 1345 points.

According to the chart of M15, GOLD formed the Bearish Symmetrical Triangle pattern. Trading recommendations: A breach of the lower border 4669.00 is likely to encourage a continuation of the downward trend.

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 4685.58 is breached. Here, a hypothetical profit will equal the width of the available pattern that is -2677 pips.

According to the chart of M15, GOLD formed the Bearish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: lower border 4686.68 – 4686.68 and upper border 4711.07 – 4711.07. In case the lower border is broken, the instrument is likely to follow the downward trend.