Gold 2026: Symmetrical Triangle Targets $5,000 as Modi's 15% Duty Hike Resets Indian Demand

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Source: Dukascopy Bank SA
Gold is currently compressing within a high-stakes symmetrical triangle on the daily chart, trading near 4691.50 as it approaches a decisive apex that could trigger massive volatility by late June. While the long-term structural base at 4684.00 and the ascending trendline near 4600 have provided consistent support, the upside remains capped by a descending resistance line and a significant fundamental shift following Prime Minister Narendra Modi's appeal for a one-year moratorium on non-essential gold purchases to protect India's foreign exchange reserves. This narrative was solidified on May 13, 2026, when the Indian government doubled the effective import duty from 6% to 15%



A daily close above the triangle's upper boundary at 4800 would expose global Fibonacci targets at 4935 and 5080, whereas a breakdown below 4600 would shift the technical focus toward the 4385 support zone.
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