Triangle pattern in play for Gold chart for May 1st, 2023.
May 1, 2023 4:25 pm
Black lines- triangle pattern
Gold price is under pressure again. Price is trading around $1,982. Price has made no real progress over the last two weeks as it has formed a triangle pattern with lower highs and higher lows. Short-term trend is unclear as long as price remains trapped inside the triangle. Earlier today Gold price bounced as high as $2,005 only to get rejected at the upper triangle boundary. Support by the lower triangle boundary is found at $1.976. Price is very close to the lower triangle support and only a break below it will produce a new bearish signal. That is why traders need to remain patient as long as Gold does not break any of the before mentioned triangle boundaries.
The material has been provided by InstaForex Company – www.instaforex.com
Black lines- triangle pattern
Gold price is under pressure again. Price is trading around $1,982. Price has made no real progress over the last two weeks as it has formed a triangle pattern with lower highs and higher lows. Short-term trend is unclear as long as price remains trapped inside the triangle. Earlier today Gold price bounced as high as $2,005 only to get rejected at the upper triangle boundary. Support by the lower triangle boundary is found at $1.976. Price is very close to the lower triangle support and only a break below it will produce a new bearish signal. That is why traders need to remain patient as long as Gold does not break any of the before mentioned triangle boundaries.
The material has been provided by InstaForex Company – www.instaforex.com
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