Gold Price News and Forecast: XAU/USD now seems to have formed a symmetrical triangle on short-term charts
|Gold: The consolidation continues
The consolidation continues. As the two big trendlines continue to converge but right now, it would appear that the market is unwilling to take a view on gold. The support of the six month uptrend rises at $1888 today, whilst the two month downtrend falls at $1922. It is of little real surprise that the price seems to be gravitating once more around the $1900 area, with the pivot/resistance band between $1902/$1933 a barrier to renewed upside. Within this, momentum indicators are extremely neutral and lack conviction.
Gold Price Analysis: XAU/USD struggles for direction, stuck in a range near $1900 mark
Gold extended its sideways consolidative price moves through the early North American session and remained confined in a narrow trading band, around the $1900 mark.
Looking at the technical picture, the XAU/USD has been oscillating between two converging trend-lines over the past one month or so. The range-bound trading action constitutes the formation of a symmetrical triangle on short-term charts.
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