Gold Analysis: Symmetrical triangle bullish breakout likely on dovish Fed minutes

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The XAU/USD pair (gold prices in terms of the US dollar) continued its winning streak and reached fresh two-week highs on Tuesday at 1151.42, although failed to surpass the falling trend line resistance of the potential symmetrical triangle pattern and retraced slightly to 1146.59 on close. However, the prices managed to hold above the 100-DMA located at 1143.87. The prices rallied to fresh peaks after the dismal US trade data further fuelled concerns over the US economic outlook, resulting in

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