Gold is trading within a symmetrical triangle pattern, reflecting a phase of consolidation as price tightens between converging trendlines. The current price of $2,611.97 is near the middle of the range, with both upward and downward breakouts possible.
1️⃣ Symmetrical Triangle:
Price action is consolidating within the converging trendlines. A breakout above the upper boundary ($2,650) or below the lower boundary ($2,570) would provide the next directional clue. 2️⃣ Moving Averages:
50-day SMA (blue): Positioned at $2,667.53, acting as a dynamic resistance just above the triangle. 200-day SMA (red): Positioned at $2,477.51, providing long-term support well below current price levels.
3️⃣ Momentum Indicators:
RSI: At 44.34, trending slightly bearish but still neutral, indicating room for further movement in either direction. MACD: Negative but flattening, signaling waning bearish momentum during consolidation. What to Watch:
A breakout above the upper boundary of the triangle and the 50-day SMA could signal a bullish continuation, targeting prior highs near $2,750.
A breakdown below the lower boundary may lead to further declines toward the 200-day SMA near $2,477.
Gold is at a pivotal point, consolidating within a symmetrical triangle. A breakout in either direction will likely determine the next major move.
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