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Gold at triangle top once more
Gold has been a big fan of symmetrical triangles of late, with price forming a third within the space of a month. We are currently selling off from trendline resistance, which seems likely to represent the top of this new triangle pattern. With indices breaking higher, there is clear strong risk-on sentiment which could see some selling for gold.
The stochastic is also in the process of breaking through a double-top neckline, following clear bearish divergence over the past 24-hours. As such, further downside seems likely to continue this pattern, with support levels of $1232 and $1217 the next in line. Alternatively, a break through $1253 resistance would point towards a bullish breakout.