Gold Is Breaking Out Of A Rectangle Range

Price could be about to break out of a mini Double Bottom chart pattern. A move above $1876 could target a move to $1902. A move above the Double Top’s neckline will also move price above the 20EMA resistance point as well. The targeted move to $1902 is also near to the Fibonacci 50% correction point. Currently MACD is still bearish but the fast line could be moving above the zero line. Stochastic has a bullish crossover and is moving higher. Both momentum indicators are supportive of a price rally.

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