FX.co ★ Triangle pattern in play for Gold chart for May 1st, 2023.

Black lines- triangle pattern

Gold price is under pressure again. Price is trading around $1,982. Price has made no real progress over the last two weeks as it has formed a triangle pattern with lower highs and higher lows. Short-term trend is unclear as long as price remains trapped inside the triangle. Earlier today Gold price bounced as high as $2,005 only to get rejected at the upper triangle boundary. Support by the lower triangle boundary is found at $1.976. Price is very close to the lower triangle support and only a break below it will produce a new bearish signal. That is why traders need to remain patient as long as Gold does not break any of the before mentioned triangle boundaries.