Gold Price Analysis: XAU/USD Eyes $1770 Amid Symmetrical Triangle Breakdown

Gold (XAU/USD) eyes deeper losses, as the rally in the US Treasury yields picks up pace in European trading.

Despite closing Wednesday above the $1800 level, the bears retain control amid a technical break to the downside on the hourly chart.

The price of Gold confirmed a symmetrical triangle breakdown on the said timeframe after delivering an hourly close below the rising trendline support at $1796.

The bearish break calls for a retest of Wednesday’s low at $1784, below which the measured target at $1770 could be challenged.

The downside bias also got additional credence after the price breached the critical cushion around $1798, where the 200, 100 and 21-hourly moving averages (HMA) converge.

Gold Price Chart: Hourly 

(Click on image to enlarge)

On the flip side, any pullbacks could meet stiff resistance at the aforementioned fierce support now upside barrier at $1797/98.

Further up, the $1800 level could be probed. The intersection of the 50-HMA, pattern resistance and the previous month low at $1803 would be a tough nut to crack for the XAU bulls.  

Gold Additional levels

XAU/USD

 

Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.