Gold Traders – Buckle Up For The Ride

Just like a previous day, the market is lacking volatility because the buyers and sellers are feeling shy to appear in the market before the release of major economic events today. Hence, we don't see many changes in the Gold prices. But surely, we are going to hear some noise in the New York session.

While looking at the Gold chart, I noticed that it's been consolidating in a narrow range of $1206 – $1197. Moreover, it has also formed ascending triangle patterns. Technically, these sorts of patterns are meant to break upward, but today we need to monitor the fundamentals because they likely give us further clues about the trend.

Let's have a really quick overview of the Gold trading levels. At the moment writing, it's trading slightly bearish at $1202 which is very close to a support level of $1200.50 and a resistance of $1204. However, the breakage of a support level is likely to push the gold deeper towards $1197 and $1194. Likewise, the gold is likely to test $1208 and $1211 on the breakage of $1204.