Gold Price Analysis: Trapped in an ascending triangle

• Gold prints ascending triangle on the 15-minute chart. 
• A breakout would imply a continuation fo the uptrend. 

Gold is currently trading at $1,784 per ounce, representing a 0.11% gain on the day, having tested Monday’s high of $1,787 soon before press time. 

The yellow metal has carved out an ascending triangle on the 15-minute chart, which comprises trend lines connecting higher lows and a horizontal resistance level.

The ascending triangle is a bullish continuation pattern that usually forms during an uptrend, which seems to be the case here. Gold has formed the ascending triangle at eight-year highs. 

A breakout would expose the psychological resistance of $1,800. Alternatively, a downside break of the ascending triangle would shift risk in favor of a deeper pullback to $1,775. At press time, the lower end of the triangle is located at $1,783. 

15-minute chart

Trend: Bullish

Technical levels