OctaFX | OctaFX Forex Broker
Open trading account

Gold Price Analysis: Consolidating in a pennant pattern

  • Gold is trapped in a pennant pattern on the hourly chart. 
  • A breakout would allow a re-test of recent highs above $1,600.

Gold has largely been in a consolidation mode since Monday's early Asian session and is currently sidelined near $1,580.

The hourly chart shows the yellow metal is trapped in a pennant pattern. A bullish breakout would imply a continuation of the rally from the Jan. 24 low of $1,556 and would open the doors to re-test of the 2019 high of $1,611.

On the other hand, the pennant breakdown would allow a drop to the hourly chart support at $1,567. 

A pennant breakout looks likely, as the daily chart is reporting bullish conditions. 

Hourly chart

Trend: Neutral-to-bullish

Technical levels


NZD/USD refreshes 7-week lows, nears key ascending trendline

The selling interest around the New Zealand dollar is now picking up the pace and is pushing NZD/USD lower to multi-week lows. At press time, the curr
Read more Previous

US Pres. Trump likely to visit India from Feb 21 to 24, trade in focus

According to people familiar with the matter, as cited by Reuters, US President Trump is scheduled to travel to India between February 21 and February
Read more Next
Start livechat