The Questions For Gold
Could the bulls breakthrough on the scene for gold?
A descending triangle pattern has been seen in gold for the past 4 weeks:
- The triangle’s upper end or resistance is at $1,960 with support at $1,910. Gold was observed to be trading at $1,953.
- The daily chart MACD histogram has been recording higher lows below the zero line which indicates a weakening of the bearish momentum.
- This could potentially mean that the yellow metal could break past the triangle resistance at $1,960 and further pave the way for the August 18 high which is $2,015.
Two questions remain for gold: Could a break to the upside happen? Or will the price pattern fail and the reverse happen instead?
Dear Yellow Metal, you are keeping us in suspense, indeed...
Edited 21 Sep 2020, 11:38
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