Gold broke triangle pattern on the downside

 

The yellow metal consolidated in a triangular pattern since the past few weeks. However, on April 16, 2019, the yellow metal Gold broke triangle pattern on the downside and closed below it. Therefore, gold is likely to drift lower towards 1255 $ – 1231 $, i.e. 50% and 61.8% retracement level of its entire August 2018 – February 2019 rise. On the way up, 1280 $ – 1293 $ shall act as crucial resistance levels in the near term. Bounce towards these resistance levels shall be considered as a selling opportunity as long as it does not break above the swing high of 1311 $. The daily momentum indicator is bearish.