XAUUSD drifts lower

The precious metal is trading on a soft note with prices down about 0.5% intraday. This comes as gold trades within the consolidating wedge pattern.

At the time of writing, prices are trading just below the rising trend line.

But unless there is a strong decline, we could expect to see an upside move.

A breakout from the falling wedge pattern will suggest a move back to the 1747 handle. And a breakout above this level should see further continuation.

To the downside, the lower support at 1717.65 remains within sight.