Gold’s daily chart shows a descending triangle breakdown. Key indicators have aligned in favor of the bears. The path of least resistance for gold appears to be on the downside, as the yellow metal’s daily chart shows a bearish pattern, and the US dollar is breaking higher from its multi-week trading range. The metal closed Tuesday with a 0.66% loss at $1,899 per ounce, confirming a downside break of a descending triangle represented by trendline connecting Aug. 18 and Sept. 1 highs and Aug. 26 and Sept. 8 lows. The triangle breakdown indicates the four-week price consolidation has ended, and the pullback from the Aug. 7 record high of $2,075 has resumed. The breakdown is backed by a below-50 or bearish reading on the 14-day relative strength index and descending 5- and 10-day simple moving averages. The MACD histogram is again printing deeper bars below the zero line – a sign of the strengthening of the bearish momentum. As such, the metal risks falling to the Aug. 12 low of $1,863. A close above the descending 10-day SMA, currently at $1,936, is needed to invalidate the bearish view. Daily 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 New Zealand: Next six months real test for banks due to COVID-19 – KPMG survey FX Street 1 year Gold's daily chart shows a descending triangle breakdown. Key indicators have aligned in favor of the bears. The path of least resistance for gold appears to be on the downside, as the yellow metal's daily chart shows a bearish pattern, and the US dollar is breaking higher from its multi-week trading range. The metal closed Tuesday with a 0.66% loss at $1,899 per ounce, confirming a downside break of a descending triangle represented by trendline connecting Aug. 18 and Sept. 1 highs and Aug. 26 and Sept. 8 lows. The triangle breakdown indicates the four-week price consolidation has ended, and… 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.
