Gold Price Analysis: Under pressure, but market still looks indecisive
|- Gold's immediate outlook is neutral with prices stuck in a sideways trading range.
- The next move depends on the direction in which the range is breached.
Gold is currently trading at $1,624 per ounce, representing a 0.30% decline on the day.
Despite the losses, the yellow metal is still trapped in a trading range defined by the consecutive daily candles with long wicks and small bodies created on Wednesday and Thursday.
A break above Thursday's high of $1,645 would imply the period of indecision has ended with a bullish breakout and could cause more buyers to join the market, yielding a rise toward resistance at $1,675.
Alternatively, acceptance under Thursday's low of $1,594 would confirm an end of the bounce from recent lows near $1,455.
The outlook will remain neutral as long as prices hover within Thursday's trading range.
Daily chart
Trend: Neutral
Technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.