A descending triangle has been seen on the gold daily chart – where it is currently trading near the upper end of the 4 week-long descending triangle pattern.
A close above $1,970, the triangle resistance could ignite an uptrend revival with potential resistance at $1,992 (Sept 1 high) and $ 2,016 (Aug 18 high). However, a cautious sentiment prevails awaiting the release of key China data, which are the China Industrial Production and Retail Sales data.
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