Gold Consolidates in a Tight Range as the US Observes Thanksgiving
Gold has formed an ascending triangle pattern which is extending a solid resistance near $1,228. Although gold is struggling to break this..
Gold inched higher to trade near $1,226 on Thursday. It’s trading in a tight range of $1,224 – $1,227 amid weakness in dollar and equities, as concerns about global economic growth grip financial markets.
The market is likely to exhibit thin volatility and trading volume as the US banks remain closed in the observance of Thanksgiving.
GOLD – XAU/USD – Technical Outlook
On the technical side, gold has formed an ascending triangle pattern which is extending a solid resistance near $1,228. Although gold is struggling to break $1,228 level with no success, it’s worth keeping an eye on it.
The bullish breakout is likely to extend gold’s rally until $1,234. Whereas, below this, gold is likely to remain bearish with a support at $1,221.
Support Resistance
1218.14 1227.01
1214.63 1232.37
1205.76 1241.24
Key Trading Level: 1223.5
GOLD – XAU/USD – Trade Plan
Fellas, the market is likely to remain muted on the back of Thanksgiving, so we need to be very careful with the breakouts. Overall, gold can remain bullish above $1,223 and the bullish breakout of $1,228 may offer us an opportunity to go long for $1,236 today.
Good luck!
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