Gold Price Forecast: $4,300 Support Faces a Test
Gold Daily Chart: Triangle Holds Between $4,150 and $4,550
The daily chart for spot gold shows that the price has been consolidating between the 50-day and 200-day SMAs, between $4,300 and $4,530. The price has been consolidating within the triangle pattern. A break of this triangle is required to determine the next direction.
The support of the triangle now remains around $4,150 on the downside, while resistance is around $4,550 on the upside. Therefore, a break of either level will likely define the next move in the gold market. But the RSI remains below the midline, which shows negative price action in the short term. A confirmed break below $4,150 is required to push prices toward the $4,000 area.