Gold Price News and Forecast: Gold funneling down to short-term triangle break

Yohay Elam FXStreet

Gold traders concentrate more on geopolitical risks than trade headlines

Gold prices begin the week on a positive side while taking the bids to $1,478.60 amid the initial Asian session on Monday. In doing so, traders seem to pay a little heed to US President Donald Trump’s trade positive comments while paying more attention to geopolitical concerns surrounding the US, China, North Korea and the Middle East.

The US President Donald Trump’s optimism surrounding the US-China phase-one failed to please traders as China’s President Xi Jinping responded with a cold heart while disliking the US interference in the internal matters.

Gold Technical Analysis: Funnelling down to short-term triangle break

Gold prices take the bids to $1,479.75 by the press time of early Monday. The bullion is heading towards the break of short-term symmetrical triangle amid a bullish signal from 12-bar Moving Average Convergence and Divergence (MACD).

However, a sustained break of $1,480.60 is what buyers will look for ahead of targeting the monthly top near $1,487.

XAU/USD

Overview
Today last price	1481.08
Today Daily Change	3.42
Today Daily Change %	0.23
Today daily open	1477.66

Trends
Daily SMA20	1468.83
Daily SMA50	1477.4
Daily SMA100	1492.04
Daily SMA200	1413.99

Levels
Previous Daily High	1480.96
Previous Daily Low	1476
Previous Weekly High	1481.7
Previous Weekly Low	1470.7
Previous Monthly High	1515.38
Previous Monthly Low	1445.8
Daily Fibonacci 38.2%	1477.89
Daily Fibonacci 61.8%	1479.07
Daily Pivot Point S1	1475.45
Daily Pivot Point S2	1473.25
Daily Pivot Point S3	1470.49
Daily Pivot Point R1	1480.41
Daily Pivot Point R2	1483.17
Daily Pivot Point R3	1485.37

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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