Gold: waiting for breakthrough
Gold price declined to $1,288. On the daily and H4 chart we see that gold price is consolidating within the symmetric triangle – it’s now next to the lower border of this formation. The fluctuation of the piece has become shallow. The market will soon reach a point where it will have to break to the either direction. Such breakthrough will be likely followed by a strong directional move. On the weekly chart we see that XAU/USD is under pressure of the thick Ichimoku Cloud and the 55-week MA.
Support is at $1,286, $1,278 and $1,269. Gold may draw support from the safe haven demand on the Ukrainian turmoil. Resistance is at $1,300, $1,305 and $1,310.
Chart. H4 XAU/USD
Chart. Weekly XAU/USD