Gold prices consolidated into the close of last week with an ascending wedge pattern.
With price action below the 1655 handle, this suggests a possible pullback to the gains made in the past few days. But the bias remains mixed, however.
Only a close above 1655 will confirm further upside. Given the ascending wedge pattern, there is scope for a move back to the 1594 level of support.
But eventually, gold prices might have to slip back to the 1534 level to establish support more firmly.
