Triangle Pattern

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Gold consolidates near highs ahead of US employment report

Gold has been trading within a large triangle consolidation pattern for the past three weeks since it hit a one-year high at $1263 in mid-February. Price action within this consolidation has fluctuated widely between that $1263 high and a low at $1190 support. As characteristic of triangle patterns, the price range within has progressively tightened and converged to the point where a directional breakout has become increasingly likely.

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