Gold continues to consolidate sideways. I expect this consolidation to break to the upside towards new highs soon. There is a triangle being formed, and we will have a clear picture of the breakout when it occurs.
Green lines – triangle pattern
Gold is trading inside the triangle pattern with support at $1,308 and resistance at $1,325. The price is above the Ichimoku cloud. The oscillators are turning lower from overbought levels, but we have no divergence signs. I remain longer-term bullish.
Nothing new on the weekly chart. The price is consolidating near its highs. An important trend low is at $1,250. As long as the price is above that level, I remain bullish. Breaking below it will open the way for a push towards $1,150.The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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