Gold price continues to trade around the critical $1,500 price level with no clear direction or trend. Price is trapped inside a trading range.
Green rectangles - trading range boundaries
Gold price is trading around the $1,500 level. Price is mostly moving sideways the last few days and inside the trading range of $1,533 and $1,480. Breaking either of the two boundaries will produce a new multi week trend in our opinion. Respecting $1,500 would be a bullish sign, if however price remains below it for too long, the chances of breaking $1,480 and moving at least towards $1,450 will be increased.
