Gold was trading at 1,711 at the time of writing and it seems undecided in the short term. Technically, the price action developed a narrow triangle. Escaping from this pattern could bring us new opportunities.
XAU/USD has been moving sideways after the Non-Farm Payrolls. Actually, the yellow metal changed little as the Dollar Index continues to stay higher. The RBA, BOC, and ECB could really shake the price during the week. Tomorrow, the Reserve Bank of Australia is expected to increase the Cash Rate from 1.85% to 2.35%. This is seen as a high-impact event and could bring sharp movements on XAU/USD.
XAU/USD Minor Triangle!
As you can see on the H1 chart, the price of gold is trapped within a triangle pattern. After escaping from the down-channel pattern, XAU/USD signaled a larger growth.
Technically, the channel formation was seen as a bullish reversal pattern. Still, in the short term, it could test and retest the triangle's support or the broken downtrend line.
XAU/USD Forecast!
Staying above the triangle's support and jumping and closing above 1,718 activates further growth and could offer new buying opportunities. The weekly R1 (1,742) stands as an upside target.
