Looks like we are going up from that breakdown failure of the sideways first target area will be the high of the sideways range i.e. 1481 and second will the upper border of the bullish flag on the daily timeframe i.e. 1491
Gold has been consolidating in a bearish band for some time. It is forming bearish candlesticks for past few days.
9-34 EMA on Price and RSI is a strong system, it is giving a "Sell" weak even on that.
At the moment it is close to a strong support 1454, once it is broken 1435 is the lower band on the channel, if that is taken too 1420 - 1400 can be expected. ...
Gold price is widely followed in financial markets around the world. Gold was the basis of economic capitalism for hundreds of years until the repeal of the Gold standard, which led to the expansion of a flat currency system in which paper money doesn't have an implied backing with any physical form of monetization. AU is the code for Gold on the Periodic table of elements, and the price above is Gold quoted in US Dollars, which is the common yardstick for measuring the value of Gold across the world.
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