This article was first published on Orbex Forex Trading Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
The precious metal is attempting to pare losses as the US Congress is set to debate on the stimulus bill.
This has weakened the US dollar and the talks of fresh stimulus are pushing gold a bit higher. But gold is struggling near the 1911.50 level.
After an intraday spike above this level, gold reversed gains.
For the moment, the ascending triangle pattern continues to remain in play.
Watch for a successful breakout above this level which could see further gains in gold. Alternatively, if gold loses support from the rising trend line, we could see the downside risks emerge.
To keep reading this article, please navigate to: Orbex Forex Trading Blog.