Gold Price Analysis: Under pressure, but market still looks indecisive

  • Gold’s immediate outlook is neutral with prices stuck in a sideways trading range. 
  • The next move depends on the direction in which the range is breached. 

Gold is currently trading at $1,624 per ounce, representing a 0.30% decline on the day.

Despite the losses, the yellow metal is still trapped in a trading range defined by the consecutive daily candles with long wicks and small bodies created on Wednesday and Thursday.

A break above Thursday’s high of $1,645 would imply the period of indecision has ended with a bullish breakout and could cause more buyers to join the market, yielding a rise toward resistance at $1,675.

Alternatively, acceptance under Thursday’s low of $1,594 would confirm an end of the bounce from recent lows near $1,455.

The outlook will remain neutral as long as prices hover within Thursday’s trading range.

Daily chart

Trend: Neutral

Technical levels

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