Calm before storm

Gold price technical analysis: Calm before storm

In its previous recovery attempt, the gold price found strong resistance around the 50-period SMA (4-hour chart). However, the metal has managed to jump above the level. Though the price consolidates gains after the widespread up bar with a very high volume, the probability of jumping higher is high.

The descending trendline may resist further gains. However, a clear trendline breakout will gather further traction for the buyers and may surge towards $1,726 ahead of $1,740.

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