Gold seems to have formed a symmetrical triangle on the 1-hourly timeframe. Will a breakout occur? Resistance at $1,875 and support at $1,870.

Gold is currently trading at around $1,873, from a technical outlook there seems to be a formation of a symmetrical triangle on the 1-hour timeframe. Towards the upside, resistance sits at $1,875, which corresponds with the upper trendline of the triangle. A break above the trendline and out of the triangle could see the price rise towards $1,880. On the other hand, towards the downside, support sits at $1,870, which in turn corresponds with the lower trendline of the triangle. A dip below this level may see the price slide towards $1,864. Looking at the technical indicators, MACD is slightly negative but turning neutral and RSI is borderline positive as it reads 55. Important to note, the bullish bias is only short-term for the time being, as Fed Chair Jerome Powell is set to speak at 14:00 GMT. This will have an influence on investor sentiment and potentially the direction of the price of Gold.