Gold remains stuck in a four-week-long descending triangle. A widely-tracked momentum indicator is teasing a bullish revival. Gold’s multi-week consolidation in a narrowing price range could end with a bullish breakout, as a widely-tracked daily chart indicator is about to turn bullish. The yellow metal has carved out a descending triangle pattern over the past four weeks. The triangle’s upper end or resistance is currently located at $1,960, and support is seen at $1,910. Gold is trading at $1,953 per ounce at press time, representing a 0.13% gain on the day. The daily chart MACD histogram, an indicator used to gauge trend strength and trend reversal, is printing higher lows below the zero line, a sign of weakening of the bearish momentum. Besides, the indicator now looks set to cross into bullish territory above zero. As such, gold could soon take out the triangle resistance at $1,960. That would open the doors for $2,015 (Aug. 18 high). Daily chart Trend: Bullish above $1,960 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 bounce off seven week low toward 3,350 amid risk reset FX Street 1 year Gold remains stuck in a four-week-long descending triangle. A widely-tracked momentum indicator is teasing a bullish revival. Gold's multi-week consolidation in a narrowing price range could end with a bullish breakout, as a widely-tracked daily chart indicator is about to turn bullish. The yellow metal has carved out a descending triangle pattern over the past four weeks. The triangle's upper end or resistance is currently located at $1,960, and support is seen at $1,910. Gold is trading at $1,953 per ounce at press time, representing a 0.13% gain on the day. The daily chart MACD histogram, an indicator used to… 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.
