Gold Market Update – 23rd February 2022

Gold has been in major consolidation for over 500 days creating a symmetrical triangle. This is typically a continuation pattern after a bullish uptrend. It has broken bullish out of the triangle and ran into the next zone of resistance at 1910. I am expecting a slight pullback here to 1835-1870 before hopefully moving further north. It needs to break that 1910 resistance to continue its bullish momentum towards the 1950 resistance zone. Major support is at 1680.