FX.co ★ Technical analysis on Gold for May 2nd, 2023.

Black lines- triangle pattern

Gold price is trading around $1,985. Price continues to trade inside the triangle pattern we mentioned in our last analysis. Price touched the lower triangle boundary earlier today at $1,977 but bulls continue to respect it. Price has not broken below support. Support remains intact. Support remains key around $1,977. Since support is being respected, why not see a bounce higher towards the upper triangle boundary at $2,003. This is not out of the question. Traders better remain patient and cautious as long as price remains inside the triangle.