Gold price is on the verge of yielding a symmetrical triangle breakout on the four-hour chart. The bright metal needs a four-hour candle stick close above the falling trendline resistance at $1,759 to confirm the upside break. If Federal Reserve Chair Jerome Powell backs the dovish pivot, Gold bulls could see the much-needed boost.
A fresh upswing toward the $1,770 round figure cannot be ruled out. The next upside target is envisioned at the multi-month highs at $1,787. The Relative Strength Index (RSI) is trading listlessly while above the midline, keeping bulls hopeful.
On the flip side, strong support is seen around the $1,750 level, where the 21, 50 and 100-Simple Moving Averages (SMA) converge. A breach of the latter will expose the rising trendline support at $1,745. A sustained move below that support could validate a downside break from the symmetrical triangle, opening floors for deeper declines toward the $1,730 round figure.
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