Gold Price News and Forecast: XAU/USD has converged into a wedge-shaped pattern as it consolidates

FXStreet Team FXStreet

Gold Price Analysis: Gold moves higher as US-China relations take a sour turn

There is quite a large consolidation pattern on the 4-hour gold chart below. The price has moved into a wedge-like formation and it will be interesting to see if the bulls can take out the pattern to the upside. The price waves are making lower highs and higher lows which shows a lack of commitment in either direction in the short term.

The magnetic level seems to the USD 1700 level at the moment. The price keeps bouncing off the psychological zone which is also very close to the 55 exponential moving average. There does not to be too much upside conviction but It seems that this could be a pause for another move later down the line.

Gold: Consolidation within a medium-term uptrend?

The gold futures contract gained 0.4% on Friday, as it retraced some of the recent declines. The price bounced off $1,675 level (the daily low at $1,676). Gold continues to trade within a downward correction following its April’s advance. On April 14 it was the highest since November of 2012 and the daily high was at $1,788.80. Since then we’ve seen some profit-taking action and a potential downward reversal.

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