The precious metal was up 0.35% into Friday’s close, reversing the losses from the previous session. Price action in gold remains flat compared to the strong moves made in late December 2019. The consolidation in gold suggests that investors remain unsure of the direction of the precious metal for the moment.
XAU/USD is Forming an Ascending Triangle
After easing back from a seven-year high, gold prices are trading flat with the resistance level at 1562.40. The ascending triangle forming near this level could suggest further upside in gold if the resistance level breaks.
The minimum upside target is seen at 1580 if successful. Otherwise, we expect gold to slip back to test the lower support at 1534.14.
