The 4 hour chart in gold reveals the formation of an ascending triangle pattern. An ascending triangle is generally considered to be a continuation pattern, meaning that it is usually found amid a period of consolidation within an uptrend.
Once the breakout occurs, buyers will aggressively send the price of the asset higher, usually on high volume. The most common price target is generally set to be equal to the entry price plus the vertical height of the triangle. In this case, a break to the upside would set the target price level at $5576.
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