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Gold edges slightly lower after testing $1,950 on Friday but manages to stay afloat in positive territory above $1,940. The impressive February jobs report from the US allowed Treasury bond yields to recover modestly, limiting XAU/USD's upside.
Apart from the encouraging fundamentals favoring gold price, the metal's technical setup on the four-hour chart also points to more upside. That said, the yellow metal has confirmed an upside breakout from a symmetrical triangle formation after yielding a four-hourly candlestick closing above the falling trendline resistance at $1,936.
With the bullish breakout, gold price is positioned to retest the 13-month highs of $1,975 if it finds acceptance above the $1,950 psychological barrier. The Relative Strength Index (RSI) is holding firmer above the midline, adding credence to a potential move higher.
On the downside, the immediate cushion is seen at the triangle resistance turned support at $1,935, below which a sharp sell-off could be triggered towards the powerful cap of $1,928. At that point, the triangle support and bullish 21-Simple Moving Average (SMA) coincide.
A firm break below the latter could lead to the pattern failure, fuelling a fresh downswing towards the ascending 50-SMA at $1,916.
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