Gold: Triangle thrust is imminent

29 Jul 2015

The price of gold has been coiling all week inside a clear Triangle pattern. The Fed's announcement this evening may lead to a breakout and thus offer new trading opportunities. Our view is that a break above 1105 would also activate a reverse Head&Shoulders pattern and target 1122 area as first objective. On the other hand, a move below 1077 would mean downtrend continuation to 1060-ish.