GOLD Is it time to break above its 2 month Triangle?

3 nov 2020

The 2 month pattern on Gold (XAUUSD) is a consolidation within a Triangle formation. The chart on the left side clearly shows the Lower Highs trend-line to break. There are high chances to do so as the DXY is declining while the stock market is recovering. The immediate intra day target would be the 1,933 Resistance. If that breaks to I expect 1,975 within a week.

The chart on the right side is on the 1D time-frame and shows clearly how the 1D MA50 (blue trend-line) has been applying selling pressure for more than a month. Another rejection there can be catastrophic for Gold as typically in such cases the market loses confidence and the 1D MA200 (orange trend-line) is tested. So keep an eye on that too.



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