Gold (XAU/USD) struggles for direction and remains confined in a range. In the view of FXStreet’s Haresh Menghani, the formation of a rectangle warrants caution before placing directional bets. See – Gold Price Analysis: XAU/USD rallies seen as corrective while below $1765 – Commerzbank Key quotes “Market participants now look forward to the US economic docket, highlighting the release of the final US GDP print for the fourth quarter of 2020. This, along with a bombardment of Fed speak and the US bond yields, will influence the USD price dynamics. Traders might further take cues from the broader market risk sentiment for some short-term momentum play.” “From a technical perspective, the recent range-bound price action constitutes the formation of a rectangle on hourly charts. The rectangle might still be categorized as a bearish continuation pattern that marks a brief pause in the trend.” “The negative outlook is reinforced by the fact that the commodity has repeatedly struggled to find acceptance above the $1742-44 supply zone. That said, it will still be prudent to wait for a sustained move in either direction before placing any aggressive bets.” “The lower boundary of the trading range, around the $1720 region might continue to act as immediate support. A convincing break below will be seen as a fresh trigger for bearish traders and turn the commodity vulnerable to accelerate the slide towards the $1700 mark.” “The $1742-44 region remains a strong hurdle for bullish traders. A sustained strength beyond, leading to a subsequent breakthrough the trading range resistance, around the $1748 level, might prompt some short-covering move and push the XAU/USD back towards the $1760-65 strong horizontal support breakpoint.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD to surge towards 0.79 by end-June – Westpac FX Street 1 year Gold (XAU/USD) struggles for direction and remains confined in a range. In the view of FXStreet's Haresh Menghani, the formation of a rectangle warrants caution before placing directional bets. See - Gold Price Analysis: XAU/USD rallies seen as corrective while below $1765 - Commerzbank Key quotes "Market participants now look forward to the US economic docket, highlighting the release of the final US GDP print for the fourth quarter of 2020. This, along with a bombardment of Fed speak and the US bond yields, will influence the USD price dynamics. Traders might further take cues from the broader market risk… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.