Gold Price Forecast: XAU/USD to yield a triangle breakout on dovish Powell’s speech Gold XAUUSD
needs a four-hour candle stick close above the falling trendline resistance at $1,759 to confirm the upside break. If Federal Reserve Chair Jerome Powell backs the dovish pivot, Gold bulls could see the much-needed boost.”
“On the flip side, there is strong support around the $1,750 level, where the 21, 50 and 100-Simple Moving Averages converge. A breach of the latter will expose the rising trendline support at $1,745. A sustained move below that support could validate a downside break from the symmetrical triangle, opening floors for deeper declines toward the $1,730 round figure.”
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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