3 min readGOLD (XAU/USD):
Gold continues to range between the lows of $2,500 and the high of $2,700. Currently trading at $2,670, I anticipate that we will see more ranging price action until Trump’s inauguration next week.
A closer look at the technicals below shows that price action has broken out of the internal ascending trend line. It appears that the price has retested this trend line and is temporarily trading off it in the short term. After retesting the broken ascending trend line and the daily 50 EMA, the price failed to break below the low of around $2,550 and move lower. I will now wait for a clear structural break on either side before seeking further trading opportunities.
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