Gold could break on the upside

28 October 2020

Gold has been trading in a symmetrical triangle since September suggesting range bound trading, flat slope of the 20-day SMA supports the above observation. The longer and the medium term trend remain bullish for gold, suggesting this triangle could break on the upside. RSI is also flat supporting the above observation, the precious metal could experience a sharp up move after this range breaks on the upside, this up move would get confirmed on a break above $1,915-20 which is likely to then result in the triangle being broken on the upside. It would be prudent to say that Gold could gain further towards $1,935 and $1,950 on a break above $1,915, this up move is expected to sustain while gold remains above $1,900 post breakout.

Prepared by
Technical Analysis Team

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