Gold Trapped in Dual Triangles: Key Levels to Watch

2 ธ.ค. 2024

Gold prices are trading within a triangle, which itself is nested inside a larger triangle. Predicting the next move is, therefore, tough. Yet, the fundamentals are clearer and not in gold's favour. On one side, Trump is attempting to broker peace between Ukraine and Russia, and on the other, potential tariffs from the new Trump administration are boosting the dollar and driving EURUSD lower. Moreover, last week saw a truce between Hezbollah and Israel.

Technically, if gold prices drop below 2,621, it could trigger the smaller triangle, with targets likely set at 2,595 and the triangle pattern target at 2,578. Conversely, a break above last Friday's high of 2,666 could push prices higher.

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