Gold recedes from record high of $1,988 to $1,973. The hourly chart shows now shows a failed triangle breakout. An ounce of gold is changing hands near $1,973 at press time. Prices reached a fresh record high of $1,988 during the early Asian session, surpassing the previous lifetime high of $1,984 reached on Friday. Notably, with the rise to fresh record highs, gold had confirmed an ascending channel breakout on the hourly chart. That bullish continuation pattern, however, has failed with the pullback to $1,972. A failed breakout is widely considered as a powerful bearish signal. That, alongside a below-50 or bearish reading on the hourly chat relative strength index, suggests scope for a deeper decline to the ascending triangle support at $1,960. On the higher side, $1,988 is the level to beat for the bulls, which, if breached, would open the doors to a potential breakout above the $2,000 mark. Hourly chart Trend: Bearish 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 FXStreet News share Read Next S&P 500: Futures print mild gains above 3,250 amid risk reset FX Street 3 years Gold recedes from record high of $1,988 to $1,973. The hourly chart shows now shows a failed triangle breakout. An ounce of gold is changing hands near $1,973 at press time. Prices reached a fresh record high of $1,988 during the early Asian session, surpassing the previous lifetime high of $1,984 reached on Friday. Notably, with the rise to fresh record highs, gold had confirmed an ascending channel breakout on the hourly chart. That bullish continuation pattern, however, has failed with the pullback to $1,972. A failed breakout is widely considered as a powerful bearish signal. That, alongside a below-50 or… Regulated 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.
