Following the downside consolidation overnight, gold broke the range to the downside, confirming a symmetrical triangle breakdown on the hourly and H4 sticks. The price closed below the rising trendline (pattern) support at $1927.42.
The move lower exposes the pattern target at $1875. Ahead of that level, the bulls could defend last Friday’s low of $1916.42. A break below which will put a $1900 mark to test.
Alternatively, the recovery attempts could meet the robust upside barrier around $1947, the weekly pivot point.
A sustained break above the latter could fuel a rally towards the next hurdle which is the monthly pivot point at 1967.8. Acceptance above the $1949.29 is critical to recall the buyers for the $2000 rally.
The move lower exposes the pattern target at $1875. Ahead of that level, the bulls could defend last Friday’s low of $1916.42. A break below which will put a $1900 mark to test.
Alternatively, the recovery attempts could meet the robust upside barrier around $1947, the weekly pivot point.
A sustained break above the latter could fuel a rally towards the next hurdle which is the monthly pivot point at 1967.8. Acceptance above the $1949.29 is critical to recall the buyers for the $2000 rally.