FX.co ★ Actual patterns. Technical analysis and trading recommendations

The Double Top reversal pattern has been formed on GOLD M5. Characteristics: the upper boundary 4696.97; the lower boundary 4684.59; the width of the pattern is 1163 points. Sell trades are better to be opened below the lower boundary 4684.59 with a possible movements towards the 4684.44 level.

According to the chart of M5, GOLD formed the Bullish Symmetrical Triangle pattern. Description: This is the pattern of a trend continuation. 4710.64 and 4644.89 are the coordinates of the upper and lower borders respectively. The pattern width is measured on the chart at 6575 pips. Outlook: If the upper border 4710.64 is broken, the price is likely to continue its move by 4673.98.

The Double Bottom pattern has been formed on GOLD M30. Characteristics: the support level 4693.77; the resistance level 4753.15; the width of the pattern 5938 points. If the resistance level is broken, a change in the trend can be predicted with the first target point lying at the distance of 6122 points.

The GOLD M5 formed the Head and Shoulders pattern with the following features: The Head’s top is at 4764.54, the Neckline and the upward angle are at 4750.58/4752.30. The formation of this pattern can bring about changes in the current trend from bullish to bearish. In case the pattern triggers the expected changes, the price of GOLD will go towards 4752.15.

On the chart of GOLD M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 4746.61; the lower boundary 4740.07; the width of the pattern 654 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 4739.92 level.