Gold has dived out a symmetrical triangle pattern on the 4-hour chart. The daily chart indicators also favor a drop to $1,480. Gold is currently trading at $1,496 per Oz, representing 0.22% losses on the day. On the 4-hour chart, the yellow metal has dived out of a narrowing price range or contracting triangle pattern. Essentially, sellers have come out victorious in a tug of war with the bulls. The indicators on the daily chart are also biased bearish. For instance, the moving average convergence divergence (MACD) histogram has crossed below zero, confirming a bearish reversal. The 5-and 10-day moving averages (MAs) have also produced a bearish crossover. So, a deeper drop to the Aug. 13 low of $1,480. The bearish case would weaken if prices rise above $1,508, although, as of writing, that looks unlikely. 4-hour chart Trend: Bearish Pivot points 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 China’s state-backed aluminium producer misses coupon payment on Dollar bond FX Street 4 years Gold has dived out a symmetrical triangle pattern on the 4-hour chart. The daily chart indicators also favor a drop to $1,480. Gold is currently trading at $1,496 per Oz, representing 0.22% losses on the day. On the 4-hour chart, the yellow metal has dived out of a narrowing price range or contracting triangle pattern. Essentially, sellers have come out victorious in a tug of war with the bulls. The indicators on the daily chart are also biased bearish. For instance, the moving average convergence divergence (MACD) histogram has crossed below zero, confirming a bearish reversal. The 5-and 10-day moving… 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.
