Gold is getting a breather from recent newsflow and is now testing the trendline on the daily timeframe. The Japan deal, some positive developments in the EU–US negotiations, and yesterday’s Trump–Powell "sitcom" have helped ease concerns about the economy.
Although the trend began in December, when viewed from April, it clearly forms an ascending triangle pattern. Ascending triangles typically break to the upside, which could favor gold bulls. However, the lower support line is being tested very aggressively and has been challenged multiple times, which is not a good signal.
Today could be decisive, potentially leading to a downside break or an upward move that sets the tone for the weekly close. For gold traders, today and Monday could be key in determining the medium-term direction.
Although the trend began in December, when viewed from April, it clearly forms an ascending triangle pattern. Ascending triangles typically break to the upside, which could favor gold bulls. However, the lower support line is being tested very aggressively and has been challenged multiple times, which is not a good signal.
Today could be decisive, potentially leading to a downside break or an upward move that sets the tone for the weekly close. For gold traders, today and Monday could be key in determining the medium-term direction.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.