Gold Triangle Consolidation

Gold Triangle Consolidation

I have no idea which way this will eventually break, but just wanted to share this triangle formation on the Gold 4 Hourly chart which seems to have been going on forever!

No definitive clues here as to which direction this will break, but worth watching as it develops:

Here’s a snapshot of the Daily chart showing how the 61.8% Fibonacci retrace from the previous swing move has survived 3 tests. Very unlikely it will withstand a 4th:

Weekly chart shows price crawling along the 100 MA. The last time price closed below the 100 MA was in 2008 and prior to that, 2001:

Whether there is a future swing trade here or not is difficult to tell at this stage, but I’ll continue to watch the development of the triangle and post further details if and when they warrant it.

  • RS2OOO
    Posted at 09:23h, 27 July

    Taken a Gold long at 1619.7

    Initially targeting 1642

  • RS2OOO
    Posted at 12:05h, 27 July

    Trade based on breakout of the triangle detailed in this post. Initial target being the Daily 200 MA but will see how things look if and when price gets there.

  • RS2OOO
    Posted at 14:42h, 27 July

    After seeing the Gold position at +100 very quickly, then at -10, and soon after back to +70, I decided to set stop to the intraday swing low, but eventually got stopped out for -10 pts.

    Incredibly volatile.

    May consider re-entry as things calm down, depending on how they develop.