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

The Triple Bottom pattern has formed on the chart of GOLD M5. Features of the pattern: The lower line of the pattern has coordinates 2573.77 with the upper limit 2573.77/2569.08, the projection of the width is 1028 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 2563.49, the price is most likely to continue the upward movement.

The Double Top pattern has been formed on GOLD M15. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 2566.67 is broken, the downward movement will continue.

According to the chart of M15, GOLD formed the Inverse Head and Shoulder pattern. The Head’s top is set at 2556.37 while the median line of the Neck is found at 2536.29/2549.63. The formation of the Inverse Head and Shoulder pattern evidently signals a reversal of the downward trend. In other words, in case the scenario comes true, the price of GOLD will go towards 2556.59

According to the chart of M15, GOLD formed the Bearish Rectangle. The pattern indicates a trend continuation. The upper border is 2564.74, the lower border is 2558.43. The signal means that a short position should be opened after fixing a price below the lower border 2558.43 of the Bearish Rectangle.

According to the chart of M5, GOLD formed the Bearish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: lower border 2558.43 – 2558.43 and upper border 2564.74 – 2564.74. In case the lower border is broken, the instrument is likely to follow the downward trend.

The Double Bottom pattern has been formed on GOLD M15. 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 2564.53 is broken. The further movements will rely on the width of the current pattern 610 points.

The Double Bottom pattern has been formed on GOLD M5; the upper boundary is 2564.53; the lower boundary is 2558.79. The width of the pattern is 610 points. In case of a break of the upper boundary 2564.53, 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.

The Double Bottom pattern has been formed on GOLD M5; the upper boundary is 2574.22; the lower boundary is 2569.17. The width of the pattern is 534 points. In case of a break of the upper boundary 2574.22, 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.

The Bearish pennant pattern has formed on the GOLD M15 chart. It signals potential continuation of the existing trend. Specifications: the pattern’s bottom has the coordinate of 2570.92; the projection of the flagpole height is equal to 1353 pips. In case the price breaks out the pattern’s bottom of 2570.92, the downtrend is expected to continue for further level 2570.70.

On the chart of GOLD M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 2611.15; the lower boundary 2606.51; the width of the pattern 464 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 2606.36 level.