Gold back into triangle top
Gold saw a sharp appreciation last week, with a swift rally into the 76.4% retracement. However, this bullish outlook is now coming into question and we could be set for a period of weakness.
The overall view for gold is bullish, yet we would need to see a break through $1352 to signal an end to the consolidation that has been a feature of gold over recent months.
Current price action is looking like potentially creating a topping pattern, with an hourly close below the $1331 support sparking a bearish outlook. Could we be set for yet another week where we simply rotate between the boundaries of this pattern?