Gold price continues to trade inside the trading range in a sideways movement. Price is trapped between $1,720 and $1,742. Traders better be patient and wait for a break out. Price still remains below the trend line resistance and the chances of a rejection and pull back towards $1,700 and lower are still higher.
Blue lines -trading range
Red line -resistance
Gold price is trading at $1,731 at the middle of the range. I expect next week for volatility to rise and finally see some movement in Gold prices. A bearish signal will be given with a break below $1,720, while a bullish signal will be given with a break above $1,740. Bullish target is at $1,780-$1,800, while the bearish target is $1,690-$1,650.
The material has been provided by InstaForex Company – www.instaforex.com
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