Gold prices continue to consolidate within a contrcting triangle after having touched $1,949 highs over the last week. The yellow metal could be preparing to break higher and a push through $1,931 mark would rather confirm the same. Prices would explode through $1,960 and up to $2,000 levels after breaking higher of the consolidation.
Gold prices had earlier dropped between $2,070 and $1,890 mark carving a meaningful downswing as see on the 4H chart here. Bulls are inclined to remain in control for a while and produce a counter trend rally at least towards $1,960 levels, before bears are back in control. The first and second waves of a corrective rally seem complete around $1,949 and $1,916 levels respectively.
If the above structure holds well, Gold should be well into its last leg rally toward $1,960 and up to $2,000 mark in the next few trading sessions. A push through $1,950 will accelerate further and confirm that bulls are here to remain in control near term. Only a consistent break below $1,890 will change the intermediary bullish structure.
Trading plan:Potential rally through $1,960 and $2,000 against $1,890.
Good luck!