Gold Price Analysis: XAU/USD remains confined in a range, bearish bias persists

Gold Price Analysis: XAU/USD remains confined in a range, bearish bias persists

Gold lacked any firm directional bias and was seen oscillating in a range around $1865 region.

This week’s sustained breakthrough an upward sloping trend-channel favours bearish traders.

Attempted recovery might be seen as a selling opportunity and remain capped near $1900 mark.

Gold extended its sideways consolidative price action through the mid-European session and remained confined in a narrow trading band, around the $1865 region.The precious metal’s inability to gain any meaningful traction comes on the back of this week’s break below a short-term ascending trend-channel, which constituted the formation of a bearish flag pattern. Meanwhile, technical indicators on the daily chart maintained their bearish bias and are still far from being in the oversold territory, adding credence to the negative set-up.That said, bearish traders might still wait for some follow-through selling below the $1850-48 strong horizontal support before positioning for any further depreciating move. The […]

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