Is Gold finally about to break out from a 5-year bullish ascending triangle pattern? We will find out very soon!
The price action of Gold since 2014 looks to be a series of flat tops and rising bottoms. It could be forming what is called a “Bullish Ascending Triangle” which is highlighted in blue at (1). Two-thirds of this time this pattern leads to an upside breakout.
The top of the pattern comes into play as resistance at the $1,380 level.
If Gold can succeed in breaking above this strong resistance the measured move of this pattern suggests its upside target comes into play around $1,800.
What is the first step towards $1,800? A successful breakout and close above the $1,400 zone. If Gold accomplishes this breakout, look for it to attract buyers!