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

The Triple Top pattern has formed on the chart of the GOLD M5 trading instrument. It is a reversal pattern featuring the following characteristics: resistance level 3, support level -542, and pattern’s width 3192. Forecast If the price breaks through the support level 5207.78, it is likely to move further down to 5235.53.

According to the chart of M5, GOLD formed the Bullish Symmetrical Triangle pattern, which signals the trend will continue. Description. The upper border of the pattern touches the coordinates 5239.70/5224.83 whereas the lower border goes across 5206.42/5224.83. The pattern width is measured on the chart at 3328 pips. If the Bullish Symmetrical Triangle pattern is in progress during the upward trend, this indicates the current trend will go on. In case 5224.83 is broken, the price could continue its move toward 5224.98.

According to the chart of M30, GOLD formed the Bullish Rectangle which is a pattern of a trend continuation. The pattern is contained within the following borders: the lower border 5166.47 – 5166.47 and upper border 5200.20 – 5200.20. In case the upper border is broken, the instrument is likely to follow the upward trend.

According to the chart of M5, GOLD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 5166.47/5182.56 and upper border is 5204.36/5182.56. The pattern width is measured on the chart at -3789 pips. The formation of the Bearish Symmetrical Triangle pattern evidently signals a continuation of the downward trend. In other words, if the scenario comes true and GOLD breaches the lower border, the price could continue its move toward 5182.41.

According to the chart of M5, GOLD formed the Bullish Symmetrical Triangle pattern. The lower border of the pattern touches the coordinates 5163.36/5179.43 whereas the upper border goes across 5193.19/5179.43. If the Bullish Symmetrical Triangle pattern is in progress, this evidently signals a further upward trend. In other words, in case the scenario comes true, the price of GOLD will breach the upper border to head for 5179.58.