Gold - symmetrical triangle on hourly

FX:XAUUSD   Gold Spot / U.S. Dollar
Resistance - $1284, $188.80, $1295.60

Support - $1266-63, $1256.50, $1243

  • Gold’s failure to capitalize on a bullish break from symmetrical triangle formation if followed by a break below $1273 levels today could yield $1266-63.
  • An hourly closing below $1263 would mark bearish break from symmetrical triangle and add credence to failure of bullish break seen yesterday.
  • On the higher side, prices need to take out $1283 in which case an attempt at $1288-1295 could be made.
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