Gold price has shown a decent recovery after testing the breakout region of the Symmetrical Triangle chart pattern formed on an hourly scale. The precious metal is marching towards the horizontal resistance plotted from April 05 high at $2,032.00.
Gold price has managed to surpass the 20-period Exponential Moving Average (EMA) at $1,995.00, which indicates that the short-term trend has turned bullish.
Also, the Relative Strength Index (RSI) (14) has rebounded after dropping below 40.00, which indicates the presence of responsive buyers.
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