Gold – Waiting for a breakout?

28 May - Gold Daily

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Hi All,

Just a quick update on Gold.   Like many markets, Gold has a tendency to consolidate once in a while. However, due to the liquidity and volume of traders available, the patterns are much clearer compared to other markets.

As I write, Gold is showing an ascending triangle in the 4 hour chart. My current bias is for price to break out above the triangle. Both the Green and Blue paths above will be ideal setups. Unfortunately, like all other triangles, price can go both ways. Hence, I’ll watch this closely before I take any positions.

Thank you and happy trading!!

 

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