Gold Price Forecast: XAU/USD could extend choppy trading within a triangle

Gold price is extending the previous rebound above the $1,800 mark. XAU/USD choppy trading is set to continue below $1,825 amid thin markets, FXStreet’s Dhwani Mehta reports.

Gold continues to wave within an ascending triangle formation

“Only a daily close above the horizontal trendline (triangle) resistance at $1,825 will confirm the ascending triangle breakout. The next upside target on buyers’ radars will be the multi-month high at $1,833. Further up, the psychological $1,850 level will come into the picture.”

“On the downside, Gold price could revisit Tuesday’s low at $1,800. The next critical support awaits at $1,795, which is the confluence of the rising trendline (triangle support line) and the bullish 21-Daily Moving Average (DMA). A downside break from the triangle could be seen on a daily closing below the latter, which could leave bulls in disarray.”

See – Gold Price Forecast: XAU/USD to enjoy further gains towards $1,876/96 and potentially beyond – Credit Suisse