Gold’s daily chart shows a pennant breakout, a bullish continuation pattern. The metal could challenge the January high of $1,611. Gold jumped 1.32% on Tuesday, confirming an upside break of the six-week-long narrowing price range or the pennant pattern on the daily chart. The breakout indicates the rally from November lows near $1,445 has resumed. Tuesday’s close also invalidated the bearish lower high of $1,593.90 established on Feb. 3. Additionally, the 5- and 10-day averages are trending north, indicating a strong upward momentum and the relative strength index has breached the descending trendline in favor of the bulls. All in all, the metal looks set to test the 2020 high of $1,611 reached on Jan. 8. The bullish case would be invalidated if prices find re-enter the pennant pattern with a drop below $1,580. At press time, an ounce of gold is changing hands at $1,603. Daily chart Trend: Bullish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. FXStreet News share Read Next USD/CNH: Nears two-week high as China tries everything to placate traders FX Street 2 years Gold's daily chart shows a pennant breakout, a bullish continuation pattern. The metal could challenge the January high of $1,611. Gold jumped 1.32% on Tuesday, confirming an upside break of the six-week-long narrowing price range or the pennant pattern on the daily chart. The breakout indicates the rally from November lows near $1,445 has resumed. Tuesday's close also invalidated the bearish lower high of $1,593.90 established on Feb. 3. Additionally, the 5- and 10-day averages are trending north, indicating a strong upward momentum and the relative strength index has breached the descending trendline in favor of the bulls. All in… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
