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Gold triangle points to gains
Gold has been largely consolidating over the past week, with early gains being erased and a subsequent rally once more being sold into.
Yesterday’s sell-off has taken us back into a support region, around $1350, with price creating a triangle pattern since. We are seeing an attempted break higher currently and as such, there is good reason to believe we could see another move higher from here.
The key bullish signal would be a closed hourly candle above the $1360 triangle entry. This would point towards a move into $1370 once more. However, an hourly close below $1350 would point towards the potential for this to be a bearish topping pattern, with $1342 and $1338 the next support levels.