Gold’s technical charts show how the financial markets are preparing for the Friday’s fundamental events. The picture is even considered by the Dukascopy analysts a proper example of educational material for the books.
The rate recently reached the upper trend line of a massive long term ascending channel, where it was guided by a medium term ascending channel. That occurred at the end of last week.
This week market participants saw the scheduled speech of Janet Yellen at 16:00 GMT on Friday. Pressure began building up, which can be observed in the descending triangle pattern. Moreover, the triangle lines meet exactly at the support of the medium term pattern. Depending on the text of the speech the rate will jump upwards or plummet downwards.
The rate recently reached the upper trend line of a massive long term ascending channel, where it was guided by a medium term ascending channel. That occurred at the end of last week.
This week market participants saw the scheduled speech of Janet Yellen at 16:00 GMT on Friday. Pressure began building up, which can be observed in the descending triangle pattern. Moreover, the triangle lines meet exactly at the support of the medium term pattern. Depending on the text of the speech the rate will jump upwards or plummet downwards.
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If one had his positions set right, a trader could have cashed in double from the Jackson Hole event in regards to the yellow metal’s price.
As soon as the central bankers opened their mouths and started spilling information about global monetary policy in the future, the commodity price started bouncing in a range from 1,276 to 1,295 just during the first hour.
Such move was not initially expected, as it is not consistent with the theory of a triangle pattern, which was active before the event.
However, the end result is a surge, which seems to be unopposed heading once more to reach above the 1,300 mark.
As soon as the central bankers opened their mouths and started spilling information about global monetary policy in the future, the commodity price started bouncing in a range from 1,276 to 1,295 just during the first hour.
Such move was not initially expected, as it is not consistent with the theory of a triangle pattern, which was active before the event.
However, the end result is a surge, which seems to be unopposed heading once more to reach above the 1,300 mark.
