Gold price is looking to build on Tuesday’s recovery gains above $1,750. Federal Reserve Chair Jerome Powell’s speech is set to hog the limelight. XAU/USD could yield a triangle breakout if Powell backs a dovish pivot, FXStreet’s Dhwani Mehta reports.
XAU/USD eyes triangle breakout on Federal Reserve Chair Powell
“Gold is on the verge of yielding a symmetrical triangle breakout on the four-hour chart. XAU/USD needs a four-hour candle stick close above the falling trendline resistance at $1,759 to confirm the upside break. If Federal Reserve Chair Jerome Powell backs the dovish pivot, Gold bulls could see the much-needed boost.”
“A fresh upswing toward the $1,770 round figure cannot be ruled out. The next upside target is envisioned at the multi-month highs at $1,787.”
“On the flip side, there is strong support around the $1,750 level, where the 21, 50 and 100-Simple Moving Averages (SMA) converge. A breach of the latter will expose the rising trendline support at $1,745. A sustained move below that support could validate a downside break from the symmetrical triangle, opening floors for deeper declines toward the $1,730 round figure.”
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
Leave Your Message Now