Gold Approaching Crucial Break

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Gold price maintained a bid tone against the US Dollar and traded towards $1270. However, the price struggled to remain above the $1270 and started a consolidation phase.

Today, the US NFP report will be released, which could impact Gold and the US Dollar. The price is forming a short-term breakout pattern ahead of the release.

There is a contracting triangle with support at $1267 and resistance at $1270. The price is just trading above the 100 hourly simple moving average and preparing for a break. There could be a break either below $1267 or above $1270. In either case, traders can open a position and look to take an advantage of the next move in Gold.

 

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