Mecklai graph: Will the Gold shine?
Mecklai graph of the day: Will the Gold shine?
As shown in the graph below, the yellow metal is trading within the symmetrical triangle in the last 3-4 months. A breakout of this pattern i.e price band of $1660-$1686, would provide cues for further movement of the asset. With MACD showing a neutral bias, a firm break of $1660 on the downside would take the precious metal to the next immediate support of 100-weekly EMA at $1610. On the flip side, a breach of $1686 on the upside would open the move towards $1733 in the near term.
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