FX.co ★ Technical analysis on Gold for May 3rd, 2023.

Black lines- triangle pattern (broken)

Gold price is trading above $2,000. Price broke out and above the triangle pattern it was in and reached as high as $2,018. Gold price provided a bullish signal with the break of the resistance at $2,004. Gold yesterday posted the highest daily close in two weeks. Previous resistance is now support. So Gold has support at the upper triangle boundary around $2,004. With price now at $2,012, we see Gold traders having a waiting stance for tonight's FOMC. Key support that if broken will cancel any bullish signal, is found at $1,977. As we mentioned yesterday, in order for bears to take control of the trend, Gold price must fall below recent lows of $1,977. If Gold price continues to consolidate around $2,010, then the most probable scenario is for Gold to eventually move higher.