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Gold outlook – Strong support at $1266

FX:XAUUSD   Gold/U.S. Dollar
Daily chart pattern – Rising trend line intact

Hourly chart pattern - Symmetrical triangle

  • Gold’s continues to get squeezed inside a symmetrical triangle formation seen on the hourly chart.
  • Monday’s bullish break failed and was followed by a failure around triangle resistance on Tuesday. Consequently, bears may make their presence felt today and push prices to daily chart rising trend line support at $1266.
  • Bears should observe caution as a rebound from $1266 if followed by a day end closing above $1280 today would open doors for a re-test of $1300-1303 levels.
  • On the downside, only a day end closing below $1253 (stands exposed below $1266) would signal short-term bearishness.
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