FX.co ★ Gold: symmetrical triangle under development

Gold continues to move sideways in the short term. The yellow metal registered sharp movements in both directions. Fundamentally, the FED, SNB, and BOE hiked rates as expected. On the other hand, the BOJ left its monetary policy unchanged.

The price retreated after the USD was lifted by the US Unemployment Claims and by the Current Account data. XAU/USD could extend its sideways movement. Tomorrow, the Euro-zone, UK, and US manufacturing and services data could move the price.

XAU/USD Extends Its Sideways Movement!

Technically, XAU/USD is trapped between 1,688 and 1,654. In the short term, the price seems undecided, that's why it could continue to move within the current range.

As you can see on the H1 chart, the price of gold develops a potential symmetrical triangle. Escaping from this pattern could bring new trading opportunities.

XAU/USD Forecast!

A new higher high, a valid breakout above 1,688 brings new long opportunities.

A new lower low, dropping and closing below 1,654 activates more declines and offers new short signals.