Gold continues to trade inside the triangle pattern and mostly sideways with no clear direction. The price is trapped inside a neutral trading range above the $1,215 support and below the $1,260 resistance.
Gold is trying to re-enter the Ichimoku cloud on the 4-hour chart as shown above. The trend is neutral as the price remains trapped inside the black triangle pattern. I prefer to be neutral with no position as the market could move in either direction.
The weekly chart continues to provide a warning for bulls as the price is below the tenkan-sen (red line indicator) and the stochastic oscillator is at overbought levels. The minimum pullback target remains at $1,190. I prefer to be bearish or neutral below $1,260. If, however, we break above that resistance, there are many chances we see a new high in Gold prices towards $1,300-$1,320.
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