Gold is trading around 3,329, a level that coincides with the symmetrical triangle. Above 3,320, the bullish cycle is expected to resume and the price could reach 3,339 and even 3,343.
If the price of the yellow metal fails to break the downtrend channel, this could be seen as an opportunity to sell, with a target at the psychological level of $3,300, around 1/8 Murray.
Conversely, if gold breaks the 200 EMA around 3,343 and consolidates above this area, breaking the downtrend channel formed since early August, this will be seen as a clear signal to buy, with targets at 3,378 and could even reach 6/8 Murray at 3,398.
The symmetrical triangle pattern could be key to buying in the event of a break above. On the contrary, if it consolidates below 3,320 it will be a clear signal to sell with targets at 0/8 Murray around 3,281.
