Gold Breaks Out of Asymmetric Triangle Pattern – Can we go long today?

Gold continues to trade in line with our forecast Gold Peeking out of Asymmetric Triangle Pattern – Technical Updates. Today, the investors will be waiting for the ECB rate decision and core durable goods orders to trade the market. Are you up for the next trade?

Gold – XAU/USD – Fundamental Outlook

Despite the violation of asymmetric triangle pattern, gold prices remained steady as the U.S. President Donald Trump and European Commission President Jean-Claude Juncker confirmed to work towards reducing trade barriers, relaxing immediate concerns about global trade tensions.

Are you wondering how this impacts gold? Let me help you with it. The meeting between Trump and Juncker was hiking uncertainties. The failure of this meeting was supposed to drive safe-haven demand in the market, but fortunately, things went in the favor of both economies.

Trump announced, “We agreed today, first of all, to work together toward zero tariffs, zero non-tariff barriers and zero subsidies on non-auto industrial goods.”

Gold – XAU/USD – Technical Outlook

The technical side of the market hasn’t changed a lot. Gold has come out of the asymmetric triangle pattern to face resistance near $1,234 and that’s where we recommended entering a sell position. For now, gold can slide down to complete the retracement until $1,228. We can expect a pullback above this above $1,228 or $1,225. The RSI and Stochastics are directing a bullish trend.

Gold – 2 Hour Chart

Gold has already crossed over 100 periods of MA which is likely to provide support to it near $1,228 today. The violation of $1,228 can lead gold prices towards $1,225 and $1,222. Good luck!

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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