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
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
