Gold Price Analysis: XAU/USD rises over 1%, nears rising wedge hurdle
- Gold has rallied to fresh nine-year highs above $1,865.
- The metal looks to have carved out a rising wedge pattern on the daily chart.
Gold is flashing green for the fourth straight day. At press time, the yellow metal is trading at $1,862 per ounce, representing a 1.10% gain on the day. Prices gained 1.28%, 0.48%, and 0.68% on Tuesday, Monday, and Friday, respectively.
- Breaking: Gold jumps $15 to renew nine-year highs above $1865
Rising wedge on the daily
The metal printed a session high of $1,866 a few minutes ago and nearly tested the upper end of the rising wedge pattern, represented by trendlines connecting March 20 and June 5 lows and March 9 and April 14 highs.
The technical bias would turn bearish if the metal dives out of the rising wedge pattern. At press time, the lower end or support of the rising wedge is located at $1,803. The support would shift higher to $1,825 by the end of July.
Take note that the likes of CitiGroup and Goldman Sachs expect gold to set a new record high above $1,920 in the near-term.
Daily chart
Trend: Bullish