Gold: A break is imminent

Gold price is moving toward the end of the wedge pattern which shows that the consolidation may be reaching its end quite soon, Rajan Dhall, an analyst at FXStreet briefs.

Key quotes

“The higher lows and lower highs look to be converging and if previous chart patterns are anything to go by there could be an interesting move in either direction.” 

“On the daily chart, the triangle and wedge patterns have yielded good rewards and on the last two occasions, the price moved up over $80.” 

“If the price does move lower then the $1640.00 and $1575.00 areas could provide some support as they seem to be pretty strong levels with Fibonacci confluence.”