FX.co ★ Gold locked inside triangle pattern

XAU/USD Seems Undecided!

The price of gold is moving somehow sideways in the short term. It was trading at 1,839 at the time of writing. As you can see on the H1 chart, XAU/USD is trapped within a triangle pattern.

The 1,857 former high is seen as an upside obstacle, while the 1,819 former low represents a downside obstacle. The triangle's upside and downside lines are seen as immediate obstacles.

Gold Trading Conclusion!

Jumping and stabilizing above 1,857 could activate further growth and bring new buying opportunities.

Dropping and stabilizing below 1,819 activates more declines and could help the sellers to catch a downside continuation.