Gold prices are trading in the tight range of $1,197 – $1,207 as the U.S. markets will remain closed in the observance of labor day. Although, the trading activity will be there but it can be very thin to catch something. Still, we can give a try to capture quick 20/25 pips.

The asymmetric triangle pattern is keeping the gold in check and that’s because of lack to trading volume, but with this, we also get an opportunity to trade the breakout. The upward trend line is supporting the precious metal at $1,197 along with a resistance near $1,204.

We can sell gold on bearish breakout at $1,196 to target $1,193 and $1,187. While, buying seems to be a good idea above $1,198. Stay tuned to FX Leaders signals page for more trading signals!