Gold price remains inside triangle pattern
Gold price got rejected at $1,960 and is now trading again around $1,940. Trend is neutral still, as price remains trapped inside the triangle pattern we talked about in previous posts. Bulls need to recapture $1,960 in order to push towards the recent high at $1,990. Bears on the other hand need to break the support and the lower triangle boundary.
Pink lines – triangle pattern
Gold price has key support at $1,900 and as long as price respects this price level we think an upward break out is more probable. If support at $1,900 fails to hold, we should expect price to move towards $1,800.
The material has been provided by InstaForex Company – www.instaforex.com