Article by: ETO Markets

Investors continue to be concerned about the Western response to the Iranian strike, despite Iran's repeated statements that it intends no further escalation of its confrontation with Israel, as they maintain the safe-haven demand that supports the price of gold. Along with the US Treasury bond rates, the price of gold benefits from a slight decline in the US dollar as traders take a break from the recent unrelenting rise and get ready for yet another day jam-packed with Fed members' scheduled appearances.

For the shining metal to confirm an upside break from the symmetrical triangle, a four-hour candlestick closing above the $… falling trendline resistance is required. The record high of $…, above which the psychological level of $… aligns, will be the location of the next topside barrier. To rule out any bullish possibility for the price of gold, a collapse from the triangle must be confirmed by acceptance below $... That level is where the 20-SMA and the triangle support line connect. If the decline persists, the 50-SMA around $… will be a difficult nut to crack for gold sellers.