Gold price is trading around $1,810. Over the last four days price is mostly moving sideways in a consolidation phase. Breaking above $1,820 would be a short-term bullish signal, while breaking below $1,805 would be a sign of weakness.
Black lines - trading range
Gold price is inside the black trading range. Exiting the range will provide a new signal. So far price respects the upward sloping trend line and as long as this is the case, we will favor the bullish scenario for a move higher towards $1,850-60. Failure to hold above $1,800 will most probably result to a deeper pull back towards $1,770. Volatility is expected to rise soon so traders need to be very cautious.
