Last week, I discussed a few support and resistance levels for gold.
Here’s the chart I posted:
So far, the market is behaving and responding to each level as expected.
However, I want to take a different perspective today.
The XAUUSD consolidation since late May appears to be carving a symmetrical triangle.
You can see it best from the 4-hour chart below.
If XAUUSD intends to continue the breakout that occurred last month, it should break to the upside of this pattern.
As always, it’s important to wait for confirmation, such as a 4-hour close above triangle resistance.
That level comes in just below $1,900.
Keep in mind that the horizontal level near $1,910 will also play a role on the way up.
Break that, and $1,960 is next, which is also the measured objective of the structure below.
Alternatively, a 4-hour close below $1,870 would delay the bullish outlook and re-expose the $1,800 region.
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