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Gold - 4 Hourly

Gold - Chart & Data from IG

By Minipip
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Gold has approached the trendline support. Will the pattern repeat itself or will a break below occur?

Gold has approached the support trendline on the 4 hourly timeframe. Currently trading around $1,924, a break below would test the support levels sitting at $1,911 (orange trendline) and then at $1,896 (red trendline). However, as investors are turning to gold for 'safety' due to the current market conditions, the pattern of dipping before bouncing higher is still yet to play out. Therefore, resistance above sits at $1,929 then at $1,935 then a key level at $1,942. A break above $1,942 could see the price of gold climb towards the $1,955-$1,960 price range. Looking at the technical indicators, MACD is currently negative but RSI is neutral as it reads 49.

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