- Short-term symmetrical triangle limits the moves ahead of $1290 horizontal resistance.
- The nine-month-old trend-line at $1266 continues to be strong downside support.
Gold is taking the rounds near $1283 during the early Asian session on Wednesday. The yellow metal has been following a symmetrical triangle technical formation since April 26.
The technical pattern confines the bullion’s moves between $1281 and $1286 with $1290 being an additional resistance to please buyers past-$1286.
Should prices rally beyond $1290, $1296, $1300 and $1306 are likely intermediate halts that can be availed during the quote’s rally towards April month high near $1311.
Alternatively, a downside break of $1281 can trigger fresh selling in direction to $1278, $1273 and $1270 consecutive supports.
Also, April month lows near $1266 join almost nine-month-old upward sloping trend-line and together offers strong support past-$1270, a break of which can recall $1260 level comprising 61.8% Fibonacci expansion (FE) of its previous month moves.
Gold hourly chart
Trend: Sideways
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD challenges YTD tops near 1.1170 on Powell
EUR/USD now picks up extra pace and revisits the 1.1170 region after Chief Powell somewhat “confirmed” a rate cut next month at his speech at Jackson Hole.
GBP/USD reaches new 2024 highs around 1.3200, Dollar plummets
The Greenback is now accelerating its decline and flirts with the area of 2024 low as Chair Powell signals that it is time to adjust monetary policy. GBP/USD picks up extra pace and challenges the 1.3200 region, clinching new 2024 peaks at the same time.
Gold keeps the bid bias unchanged above $2,500
The precious metal maintains its bullish stance in place on Friday, climbing above the $2,500 mark per ounce troy as Fed’s Powell signals an imminent rate cut.
Decentraland price is set for a rally after breaking above the descending trendline
Decentraland (MANA) price broke above the descending trendline and trades up 1.5% as of Friday at $0.291. Additionally, on-chain data support further price gains, as MANA's Exchange Flow Balance shows a negative spike, and the long-to-short ratio stays above one.
Jerome Powell expected to hint at upcoming interest-rate cut in September
Market participants will closely scrutinize Powell’s speech for any fresh hints on the trajectory of monetary policy, particularly about the magnitude of the Fed’s first interest-rate cut in years.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.