FX.co ★ Gold remains trapped inside sideways trading range.

Gold price continues to respect short-term support at $1,770. For the last week price has mostly been moving sideways. This sideways consolidation provides us with clear boundaries that if broken we could have important signals for the next trend direction.

Gold price continues to respect the horizontal support at $1,770 and the horizontal resistance at $1,800. Since the previous trend was bearish, I believe the most probable outcome would be for a downward breakdown.Our next target is at $1,740. If on the contrary price breaks to the upside, we should expect Gold to reach $1,860 at least.