Gold price is trading around $1,870. Short-term trend is bearish after the recent break down from last week. Price is now forming a triangle pattern clearly visible in the 1 hour chart. Most probable outcome is for price to break to the downside as previous trend is bearish. The lower triangle boundary provides support at $1,864. A break below this level will push Gold price towards $1,840. The upper triangle pattern provides resistance at $1,875, A break above this level could push Gold towards $1,900.
The material has been provided by InstaForex Company – www.instaforex.com
Red lines- triangle pattern
Gold price is trading around $1,870. Short-term trend is bearish after the recent break down from last week. Price is now forming a triangle pattern clearly visible in the 1 hour chart. Most probable outcome is for price to break to the downside as previous trend is bearish. The lower triangle boundary provides support at $1,864. A break below this level will push Gold price towards $1,840. The upper triangle pattern provides resistance at $1,875, A break above this level could push Gold towards $1,900.
The material has been provided by InstaForex Company – www.instaforex.com
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