Gold - triangle pattern
We are still waiting for a potential breakout on the gold market. The price has been consolidating since mid-August. The consolidation looks like a potential symmetrical triangle pattern which is labeled as “abcde”.
This pattern may be a part of a larger corrective structure labeled as ABC. According to the Elliott wave theory, wave B may be a triangle pattern. So if the line drawn through the bottoms is broken we would expect another downward movement as a wave C.
The next possible support seems to be located at 1788 USD and the nearest possible resistance is set by the upper limit within a triangle.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
This pattern may be a part of a larger corrective structure labeled as ABC. According to the Elliott wave theory, wave B may be a triangle pattern. So if the line drawn through the bottoms is broken we would expect another downward movement as a wave C.
The next possible support seems to be located at 1788 USD and the nearest possible resistance is set by the upper limit within a triangle.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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