Gold – Awaits breakout from symmetrical triangle
- We have symmetrical triangle formation on the daily price chart as well on the RSI chart.
- We await the breakout, although the odds of a bearish break are high given the failure to sustain above the rising trend line.
- A day end close below $1333 (23.6% of May 30 low – July high) would also trigger a bearish break from symmetrical triangle on RSI and open doors for $1300 levels.
- On the higher side, a break above expanding triangle resistance could yield a test of symmetrical triangle resistance.
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