XAUUSD Finds Support Off the Trend Line

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The precious metal made modest gains into Friday’s close, rising 0.53%. But price action is now consistently making lower highs.

For the moment, the declines are rejected off the dynamic support from the rising trend line.

The lower highs are, however, showing a wedge consolidation pattern. This potentially suggests an upside move in the making. Therefore, the price level of 1747 will be critical.

A close above this resistance level will see gold potentially resuming its rally.

Alternatively, if price breaks the trend line, then we expect a retest of the 1717.65 level of support.

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