Gold Triangle

Since last week, Gold has been climbing on the support line and is currently trading at $1190. A test of the resistance line could be expected this week and with the most important data of the month, Non-farm Payrolls, we could see a lot of excitement in the price of Gold on Friday. Although bias still looks bearish, the bulls seem to be getting momentum and spikes can be expected, as we saw yesterday.

Bears need one close below the support line to change the trend direction. Until then, the bulls are in control with prices holding right above the support line, which is being tested for the third time since March 17 when Gold has been favored among traders and investors and kept the prices rising from $1143.

A Gold Triangle could be seen on daily chart. Although not yet complete, chances are the bulls will try to put pressure on the bears and break above the resistance and the 200 SMA, which would be a strong signal that an uptrend is confirmed. 

Support - $1170-$1180
Resistance - $1210-$1220
Chart - D1