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07.02.2023 04:16 PM
Short-term triangle pattern in Gold.

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Red lines- triangle pattern

Gold price is trading around $1,870. Short-term trend is bearish after the recent break down from last week. Price is now forming a triangle pattern clearly visible in the 1 hour chart. Most probable outcome is for price to break to the downside as previous trend is bearish. The lower triangle boundary provides support at $1,864. A break below this level will push Gold price towards $1,840. The upper triangle pattern provides resistance at $1,875, A break above this level could push Gold towards $1,900.

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