Short Gold - Descending Triangle $1280 support level broken

Apr 16, 2019

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Short Gold - Descending Triangle $1280 support level broken by KQMarkets on TradingView.com

Commentary

Our analysis on 10.04.19 highlighted a descending triangle with the support level at $1280 needing to be broken to confirm the downtrend.

Prices have fallen below the lower descending triangle support trendline suggesting the downward momentum is building and a breakdown is imminent.

This would result in an extension of the depreciating move towards the long term trend line support level around $1260.

Therefore we remain short gold and expect prices to continue falling in the short to medium term.

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