FX.co - Analysis of Gold for December 21, 2023 - Potential for the breakout of the triangle pattern

2023-12-21T09:00:29

Relevance until2023-12-22

Technical analysis:

Analysis of Gold for December 21, 2023 - Potential for the breakout of the triangle pattern

Gold has been trading sideways at the price of $2.035 and there is potential for the potetnial breakout of the triangle pattern.

In case of the upside breakout of the resistance at $2.050, there is the chance for the rally towards upside reference at $2.070

In case of the downside breakout of the support at $2.025, there is the chance for the further drop towards $2.000

RSI oscillator is showing reading around 50, which is the sign for the indecision.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Gold for December 21, 2023 - Potential for the breakout of the triangle pattern