The price of gold is starting to consolidate after a solid start to the week, ahead of the Federal Reserve Chair Jerome Powell’s speech later today. Technical analysis shows that a major upside breakout will take place this week if bulls can break through the $1,865 resistance level. Failure to do so will likely cause a heavy technical sell-off back towards the $1,800 support zone.
XAUUSD is only bullish while trading above the $1,830 level, key resistance is found at the $1,865 and the $1,890.00 levels.
If XAUUSD trades below the $1,830 level, sellers may test the $1,800 and $1,770 support levels.
