Gold’s Rally Completes The Ascending Triangle Pattern

May 18, 2020

By Orbex

The precious metal rose just under 1% on Friday, settling at 1743.94.

But, this was not before rising to intraday highs of 1751.42. This also marks the upside target of the ascending triangle pattern.

Gold prices were consolidating below the technical resistance level of 1717.65.

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Following the higher lows, price action eventually broke past the resistance level.

At 1743.94, gold prices are now testing the April 14 highs.

If there is no further breakout, expect a pullback. The previous price level at 1717.65 could be tested for support.

By Orbex