Gold travels directionless at the apex of the symmetrical triangle pattern

*XAU/USD(Gold) Analysis*

*Previous Trading Session*

• On Wednesday, gold ended the day in a bearish territory (at 2031.25) and fell around 9 points from the opening at 2040. 

• However, it could not give a close below 2029.72, our previously mentioned support level.

*Current Situation*

• Gold rebounded after testing the lower trend line of the triangle and looked strong in Thursday’s Asian Session.

• Gold currently consolidating in a narrow range between 2035.32 & 2039.43 and looks directionless.

• Although, gold seems to be sustaining above the key support of 2035.32, which was previously acting as resistance

*Analysis*

• The gold seems to be driven by the weakness in US dollar.

• The 10-year U.S. Treasury yield on Wednesday hit its lowest level since July. The yield on the benchmark 10-year Treasury note fell 7 basis points to 3.849%. On July 27, the 10-year yielded as low as 3.839%.

• Further, Sticky inflation in the Euro Zone raises the probability of further rate hikes, which has negatively impacted dollar prices.

• Safe-haven demand for gold increased amid a significant selloff in equities, and due to the escalation of terrorist activities in the Red Sea – a major maritime trade route. 

*Technical Indicators:*

• Gold is currently trending with uncertainty as per technical indicators.

• Gold on Thursday hovers exactly at the middle band of the Bollinger Band as visible on the attached H4 chart.

• The CCI levels also hovers in the very close to 0.0 level near 1.37 levels.

*Projection:*

• Nothing has changed for Gold and it still looks uncertain, hence, take your trades very cautiously. 

• The choppy movement will continue till the US session, in which important GDP, Initial Jobless Claims, and Philadelphia Fed Manufacturing Index are going to be released.

*Important Levels to Watch*

*It is noteworthy that our previously given levels during late November are still respected by the gold prices – as visible on the attached H4 chart of Gold*

• Resistance: A bullish acceptance above 2039.43 is very important for the Gold price to resume its journey higher toward the crucial 2072 level.

• Support: To begin a declining trend, it is important that gold gives a daily closing below 2033.72. Below it a correction mode will begin with the next support at 2018.00

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