Gold’s daily chart is a mess as we have an expanding channel formation, whose upper end is still acting as a support/resistance.
We have a rising trend line that was breached on August 8 and since then multiple attempts to get back above the same on daily closing basis have failed.
And now we also have a symmetrical triangle formation.
Amid all this the money flow index is dropping, which goes down well for the bears when viewed in light of multiple failed attempts to retake rising trend line.
Selling is seen gathering pace once $1337 is breached (symmetrical triangle support). The metal could target $1300 in this case
On the higher side, bulls are advised to wait for a convincing close above $1363.
We have a rising trend line that was breached on August 8 and since then multiple attempts to get back above the same on daily closing basis have failed.
And now we also have a symmetrical triangle formation.
Amid all this the money flow index is dropping, which goes down well for the bears when viewed in light of multiple failed attempts to retake rising trend line.
Selling is seen gathering pace once $1337 is breached (symmetrical triangle support). The metal could target $1300 in this case
On the higher side, bulls are advised to wait for a convincing close above $1363.
