Important news is out, Gold has been consolidating in a narrow range for some time.
Forming a triangular pattern on daily charts with RSI turning positive.
I believe, traders can trade in the direction of breach of this triangle, sound chances of relaiming 1500+ USD, if it exceeds 1484.
Looks like we are going up from that breakdown failure of the sideways first target area will be the high of the sideways range i.e. 1481 and second will the upper border of the bullish flag on the daily timeframe i.e. 1491
Gold price is widely followed in financial markets around the world. Gold was the basis of economic capitalism for hundreds of years until the repeal of the Gold standard, which led to the expansion of a flat currency system in which paper money doesn't have an implied backing with any physical form of monetization. AU is the code for Gold on the Periodic table of elements, and the price above is Gold quoted in US Dollars, which is the common yardstick for measuring the value of Gold across the world.
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