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!
If pattern analysis in Gold, Silver, Miners, and Copper is important, you will find our Weekly Metals Reports of great value!