Gold Chart Update: Will the Breakout from the Triangle Succeed?

The gold price has been moving into the apex of the red triangle for several weeks and is currently attacking the upper boundary line for the third time. Will the breakout succeed?

Both moving averages continue to rise steadily and significantly — furthermore, the 100-day moving average fortunately remains clearly above the 200-day moving average.

The MACD buy signal (blue line crossed red line upwards) failed to hold — currently, the two lines of the indicator are running almost congruently, indicating an undecided trend.

The recent buy signal of the Stochastic Indicator is currently gaining strength — the blue line is moving further away from the red line after the upward cross.

The trend confirmer has been moving around the neutral 100 for four weeks, but recently did not fall as far below this value as it did three weeks prior — furthermore, for several days now, it has again shown positive signs above 100.

The odds are not unfavorable.

Gold Chart with Indicators — *Source: Comdirect*

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