Blue lines- bullish channel
Red lines- triangle pattern
Gold price is trading around $1,968. Price has made no real progress over the last two weeks. Price is moving sideways as it has formed a triangle pattern as can be seen in the 4 hour chart. Trend remains bullish as price is still inside the upward sloping blue channel. Short-term support by the triangle is found at $1,954. A break below this level could push price towards the lower channel boundary around $1,870. Resistance by the triangle pattern is found at $1,987. A break of this resistance will open the way for a move to new highs towards $2,065.
