Gold prices are set to print a sixth consecutive weekly gain. The next area of resistance to watch out for falls at $1486.
The Fed meeting on Wednesday provided the catalyst gold needed to make a significant break that sees the yellow metal trading at levels not seen in around half a decade.
Gold has had rallies capped by upside resistance at $1350 over the past 24 hours but at the same time is holding the downside. Today’s Fed meeting will be an important one and the yellow metals should take its direction from it.
Gold has completed an inverted head and shoulders pattern and is pushing against some important resistance at the start of North American trading.
A technical pattern is in play for Gold prices that suggests some upside over the near-term
The price of gold trickled lower in early European trading on Monday. A support confluence is currently being tested and stands to trigger a bounce.
Gold traded at a 14-month high in the past week and threatened a breakout that could have had significant long term bullish implications. However, the yellow metal retreated in the late week to give back the entire weeks gain.