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Gold – Awaits breakout from symmetrical triangle

FX:XAUUSD   Gold/U.S. Dollar
  • We have symmetrical triangle formation on the daily price chart as well on the RSI chart.
  • We await the breakout, although the odds of a bearish break are high given the failure to sustain above the rising trend line.
  • A day end close below $1333 (23.6% of May 30 low – July high) would also trigger a bearish break from symmetrical triangle on RSI and open doors for $1300 levels.
  • On the higher side, a break above expanding triangle resistance could yield a test of symmetrical triangle resistance.
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