FX.co ★ Gold 10.17.2019 - Symmetrial triangle in creation, watch for potential breakout

Gold has been trading upside in the recent few hours. The price is testing the level of 1.493. Watch for potential breakout of symmetrical triangle to any direction in order to confirm further direction.

Orange rectangle – Important resistance levels

Purple lines – Symmetrical triangle

Purple rising line – Expected path

Based on the 4H time-frame, there is potential for upside breakout of the symmetrical triangle. I see the potential for testing of 1.503 or even 1.515. My advice is to watch for potential buying opportunities on the break. Support levels are seen at the price of 1.484 and 1.473. Additionally, there is potential ABC downward correction completion based on the 4H time-frame.