The gold price is trading in a sideways pattern. The short-term trend is neutral as the gold price has formed a sideways triangle pattern confirming the recent consolidation and trading range it is in. Breaking above $1,105 can give a push towards $1,115-$1,130; and a break below $1,077 will bring in more sellers towards $1,050-40.
Blue line – bearish trendline resistance
Green lines – triangle pattern
The gold price is below the Ichimoku cloud and below the blue trendline resistance. The gold price is inside a trading range that has created a triangle pattern. A breakout of this pattern will push the price towards $1,120 or $1,050-40.
Blue line – long-term trendline support (broken)
The weekly chart remains bearish, The chances for a push higher towards $1,130 or higher have decreased as the gold price is making a sideways correction and not an upward bounce. Longer-term targets remain towards $1,040 or even $980.
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