FXStreet (Barcelona) – The price action in Gold suggests the precious metal is forming a potential triangle pattern and any upside will stay limited to 1231, as noted by MacNeil Curry, CFA, CMT, Technical Strategist at BofA-Merrill Lynch.
Key Quotes
“We have tempered our enthusiasm on the yellow metal. The range trade from last November looks increasingly like a potential Triangle, which would limit the potential upside.”
“In the near term, gain should be limited to the May-18 high at 1231, while the confluence of retracement support at 1177/1172 should limit the downside.”
(Market News Provided by FXstreet)