GOLD - Triangle pattern breakout, target~$1550 (w/calculations)
- As shown in the chart gold has now appeared to have broken out of a triangle pattern to the upside
- Typically with triangle patterns to calculate the price breakout target you would do the following:
1. Take high of triangle ( ~ 1530 )
2. Take low of triangle ( ~ 1485 )
3. Subtract high from low to calculate height of triangle
- 1529 - 1485
=> $45
4. Find triangle breakout price ( ~ 1505 )
5. Add triangle height to breakout price
- 1505 + 45
==> TARGET OF $1550
- Typically with triangle patterns to calculate the price breakout target you would do the following:
1. Take high of triangle ( ~ 1530 )
2. Take low of triangle ( ~ 1485 )
3. Subtract high from low to calculate height of triangle
- 1529 - 1485
=> $45
4. Find triangle breakout price ( ~ 1505 )
5. Add triangle height to breakout price
- 1505 + 45
==> TARGET OF $1550