Gold price is forming an Inverted head and Shoulder chart pattern that indicates a prolonged consolidation and a breakout of the same confirms a bullish reversal. The neckline of the Inverted H&S chart pattern is plotted from February 20 high around $1,848.00. The 50-period Exponential Moving Average (EMA) is acting as a major support for the Gold bulls.
A break into the bullish range of 60.00-80.00 by the Relative Strength Index (RSI) (14) will trigger the upside momentum.
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