Gold Price Analysis: XAU/USD eyes $1770 amid symmetrical triangle breakdown
|- XAU/USD spots symmetrical triangle breakdown on the 1H chart.
- RSI point south, within the bearish zone, allowing more declines.
- Downside more compelling amid a bunch of healthy resistance levels.
Gold (XAU/USD) eyes deeper losses, as the rally in the US Treasury yields picks up pace in European trading.
Despite closing Wednesday above the $1800 level, the bears retain control amid a technical break to the downside on the hourly chart.
The price of Gold confirmed a symmetrical triangle breakdown on the said timeframe after delivering an hourly close below the rising trendline support at $1796.
The bearish break calls for a retest of Wednesday’s low at $1784, below which the measured target at $1770 could be challenged.
The downside bias also got additional credence after the price breached the critical cushion around $1798, where the 200, 100 and 21-hourly moving averages (HMA) converge.
Gold Price Chart: Hourly
On the flip side, any pullbacks could meet stiff resistance at the aforementioned fierce support now upside barrier at $1797/98.
Further up, the $1800 level could be probed. The intersection of the 50-HMA, pattern resistance and the previous month low at $1803 would be a tough nut to crack for the XAU bulls.
Gold Additional levels
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.