- Gold is trapped in a narrowing price range on the 4-hour chart.
- A breakout would imply a continuation of the broader uptrend.
Gold's stalled rally could pick up the pace above $1,585. That level is currently housing the upper end of the 6.5-week long narrowing price range.
The metal has printed lower highs and higher lows since topping out at $1,611 in early January. That has taken the shape of a narrowing price range or contracting triangle
Acceptance above the upper end would imply a resumption of the uptrend from November lows near $1,455 and could yield a move above the recent high of $1,611.
On the other hand, a range breakdown could cause buyers to exit the market, yielding a deeper drop to $1,520-$1,500.
At press time, the yellow metal is trading at $1,576 per Oz.
|Today last price||1576.73|
|Today Daily Change||0.42|
|Today Daily Change %||0.03|
|Today daily open||1576.31|
|Previous Daily High||1578.34|
|Previous Daily Low||1565.54|
|Previous Weekly High||1594.01|
|Previous Weekly Low||1547.56|
|Previous Monthly High||1611.53|
|Previous Monthly Low||1517.1|
|Daily Fibonacci 38.2%||1573.45|
|Daily Fibonacci 61.8%||1570.43|
|Daily Pivot Point S1||1568.45|
|Daily Pivot Point S2||1560.6|
|Daily Pivot Point S3||1555.65|
|Daily Pivot Point R1||1581.25|
|Daily Pivot Point R2||1586.2|
|Daily Pivot Point R3||1594.05|
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