Gold Maintains Consolidation Near the Top

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The precious metal continues to trade sideways with the weekly session closing almost flat for the second week.

However, prices are trading ever closer to the trend line on the weekly chart. The failure to move higher could signal a possible shift in the direction.

For the moment the 1967 level of resistance is holding up strongly.

If price fails to break out above this level, we expect a retest back to 1911.50. This will mark a retest of the lower end of the sideways range that gold prices are currently in.

While the uptrend may have paused for the moment, we expect this range to break out in the near term.

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