The precious metal is trading in a symmetrical triangle pattern on a 4 hour time frame. These patterns usually break in the direction of the trend and the current trend is towards the upside in that the price is trading above the trend line (shown in light blue). If the yellow metal does completes its projection, it could push the price near the $1342 mark.
The price (at the time of writing this article ) is trading above the 50 day (shown in yellow and the price is 1248.68) and the 100 day moving averages (shown in red and the price is 1231.98) and this confirms that the bulls are in control of the price action.
The RSI is trading at 56 and the direction of this indicator is similar to the original price action. This confirms that the gold price has momentum behind it.
|Minor Support||Major Support||Minor Resistance||Major Resistance|