Blue lines- bullish channel
Red lines- triangle pattern
Gold price is trading marginally above the triangle pattern it was in for the last few sessions. Price is showing bullish break out signs. Price so far has respected the lower triangle boundary. As we explained in previous posts, a break out above the triangle would give us $2,050-$2,060 as a target. Support is found at the lower triangle boundary at $1,953. Breaking below this level could push Gold price $100 lower. Gold price is now trading above the triangle pattern. Bulls need to see a pattern of higher highs and higher lows in order to be confident of reaching our $2,050 target area.