Gold has been trading upside in the recent few hours. The price is testing the level of 1.493. Watch for potential breakout of symmetrical triangle to any direction in order to confirm further direction.
Orange rectangle – Important resistance levels
Purple lines – Symmetrical triangle
Purple rising line – Expected path
Based on the 4H time-frame, there is potential for upside breakout of the symmetrical triangle. I see the potential for testing of 1.503 or even 1.515. My advice is to watch for potential buying opportunities on the break. Support levels are seen at the price of 1.484 and 1.473. Additionally, there is potential ABC downward correction completion based on the 4H time-frame.
