Peter Smith
⬤ Gold has climbed past $4,260 and remains inside an ascending triangle. The short term trend is up, but the critical hurdle waits at $4,380. Price now sits just under the upper edge of the pattern and keeps touching the rising support line below.
⬤ The pattern forms as higher lows press against a fixed ceiling near $4,380. Each dip attracts buyers at a higher level proving demand is steady.
A clear close above $4,380 is required for further gains. At present, gold pushes on that line yet has not punched through.
⬤ Recent trading keeps price above the rising trendline - the triangle stays valid. The pattern is still open - bulls must push price firmly above $4,380 to prove a breakout, otherwise price will keep drifting between the two lines.
⬤ The pattern is important because gold serves as a gauge in anxious periods. The triangle reveals constant buying against a fixed barrier. Action around $4,380 will set the next direction and may bring sharp swings in the sessions ahead.
Peter Smith
