Gold Presses Key $5K Level as Triangle Pattern Forms

Gold’s pushing right up against $5,000 as the session starts. That level continues to be the key line in the sand, as holding above it keeps bullish continuation potential alive.

Up to now, buyers haven’t managed to keep gold above $5,100 for long.

The chart is hinting at an ascending triangle, with steady resistance overhead and progressively higher swing lows forming below.

USD/JPY 4 Hour Chart

The ascending triangle and current market conditions are in favour of gold breaking above 5100. However, a better NFP release today may make it break below 4985, causing a bearish breakout of the triangle.