The precious metal was trading flat on the week as price action gave back the intra-week gains.
As a result, gold settled back near the 1900 level into Friday’s close.
Still, the overall bias remains to the upside, with price only making a pullback.
In the short term, the ascending triangle pattern is starting to weaken. A strong close below the trend line could suggest downside weakness.
However, as the Stochastics oscillator is likely to move from near the oversold levels, we could see a move higher.
For now, we expect gold prices to consolidate around the 1900 – 1911.50 levels.