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#GOLD
Gold continues to grind sideways within an ascending triangle, a continuation pattern typically viewed as bullish.
Today’s price action prints a small bullish continuation candle, forming an inside range within yesterday’s candle, reflecting ongoing consolidation.
The structure of higher lows against a relatively flat resistance line at all time highs, highlights that buyers are gradually stepping in, while sellers will most likely attempt to continue to defend the breakout zone as we approach resistance.
For those who initiated a position off the pivot formed by Monday’s inside range setup that confirmed Tuesday, there has been no technical reason to exit yet, as yesterday’s bearish engulfing candle has not seen follow-through to the downside in today’s session.
The tightening range within the triangle suggests a coiled gold market where energy is building, but for now, price action remains contained within the consolidation in a sideways market.
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