Gold has been caught in a 1934 – 2049 range for around six weeks and it remains within an ascending trend channel. The lack of short-term direction is characterised by the price clustering near the 10- and 21-day Simple Moving Averages (SMA). A breakout of the range might see momentum build for that direction but notable support and resistance levels lie on both sides.

To the topside, there is a Double Top created by the all-time high of 2075 in April 2020 and the failed attempt to break above it in March 2022 when a peak of 2070 was made. On the downside, the 1885 – 1895 area appears to be a key support zone. Within it lies the 100-day SMA, a previos low, a breakpoint and an ascending tend line.

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