GOLD broke out yesterday from the formation of the triangle visible on the daily chart below. Quotes as part of the breakout also tested the support confluence in the form of a trend line running from the low of December 2016 and a horizontal level around $ 1263.The range of the mentioned triangle formation resulting from its height falls around $ 1225.80. I opened short position with Stop Loss above yesterday’s maximum, taking into account that the quotations are in the vicinity of support confluence. If GOLD manages to overcome this area, where support levels coincide, I will look for opportunities to add to the position. The nearest important goal is at $ 1225.80.
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