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Gold Technical Analysis

Tech analysis by Simon Kazinsky on 15:52 September 18, 2016 EST

Gold is making some textbooks moves. As can be seen on the chart XAUUSD has drawn a perfect triangle. Triangles are corrective patterns that occur typically on wave 2 or wave 4 under the Elliott Wave principle.

In addition the base of the triangle matches at this point with the supporting ascending trendline joining previous lows.

Therefore, a sign of reversal this week would give a good opportunity to buy with a limited loss risk.