Starting the week, analysts spotted a descending triangle pattern on the yellow metal's hourly candle chart. The price has been trading between a support zone at 1,770.00/1,775.00 and a descending trend line since June 21. In theory, the commodity price would trade in the pattern until a break out from it occurs.
If the price breaks out to the upside, it would most likely face the resistance of the near 1,790.00. Afterwards, the 1,800.00 mark would be reached.On the other hand, a passing of the 1,770.00/1,775.00 zone could result in a decline to the 1,750.00 mark.
