Gold’s Descending Triangle Breakout – Decline Continues
GOLD prices are on course for a fifth straight weekly decline, as recent economic data drove investors towards riskier assets, where the financial data from the Chinese economy plays a significant role. Moreover, strong equities and EPS (earning per share) session presented a risk-on backdrop for investors, extending support to the stock market indices.
On the technical side, gold has violated the descending triangle pattern at 1,284. The closing of daily candle below 1,284 is adding to the bearish bias of traders. We may see further sell-off below this level.
GOLD can find support around 1,271 and 1,265. While as per descending triangle breakout, the precious metal can also lead towards 1,250 this week.
Support Resistance
1271.37 1278.13
1268.86 1282.38
1262.1 1289.14
Key Trading Level: 1275.62
So, the idea is to stay bearish below 1,280 with a take profit of around 1,270 and 1,265.
Good luck and trade with care!
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