Gold Price Analysis: Below $1,500, inside weekly symmetrical triangle
|- Gold prices fail to hold onto recovery gains, stays inside the weekly triangle.
- Sellers can aim for November 2019 low during the downside break.
- 200-bar SMA, an eight-day-old falling trend line offer key resistance.
Gold prices remain on the back foot while declining to $1,484 amid Thursday’s Asian session. Even so, the weekly symmetrical triangle restricts the bullion’s moves off-late.
Should the bullish MACD propel the quote to cross $1,477 immediate upside barrier, a confluence of 200-bar SMA and a short-term descending trend line, around $1,600 can question the buyers.
However, the yellow metal’s sustained run-up past-$1,600 enables the buyers to aim for $1,630 and $1,670 numbers to the north.
Alternatively, the sellers’ entry below the triangle’s support near $1,475 can quickly recall the weekly low surrounding $1,451 while November 2019 low close to $1,445 could lure the nears afterward.
Gold four-hour chart
Trend: Sideways
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.