Gold Price Trading Sideways In Triangle Pattern

New York (Aug 11)  Gold appears to be trading sideways in a triangle pattern. Lower trend line support at 1338/35 is important but longs need stops below 1330. A break below 1332 is a sell signal and targets 1328/27, perhaps as far as 1324/23.

First resistance at 1347/49 but above here re-targets 1357/58. If we continue higher look for a selling opportunity at trend line resistance at 1364/65, with stops above 1370.

Source: Investing.com