FX.co ★ Gold retests triangle boundary

Gold price is trading at $1,944 after getting rejected once again at $1,970. Price is again touching the broken triangle pattern from above. Gold bulls need to recapture $1,960 and stay above it in order to continue higher towards $2,000.

Gold price is testing short-term support at $1,940. Breaking below it will open the way for $1,900. If we adjust the triangle pattern into a new one where the upper triangle boundary starts at the $2,009 high, then Gold price is still inside the triangle formation and we have not broken out yet.

If price continues this sideways movement inside the trading range, then this last triangle pattern will most probably be the correct one. This means that Gold could revisit the $1,900 and bounce again towards $1,960. What we know with certainty is that Gold bulls do not want to see price break below $1,900, while Gold bears do not want to see price above $1,970.