Gold is Congested Within the Triangle

Gold is trapped inside a triangle range and at this point we can see the price struggling to go anywhere.

If the price breaks 1730 with a momentum candle we should see the move to upper levels 1741 and 1748. However a move down below 1711 should make a drop towards 1692. The price is very rangy and the market is waiting for a breakout. On 4h time frame its very visible as the price is close to the pinnacle of the consolidation triangle.

The Analysis has been done with the CAMMACD.Core and Sit Systems

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Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.