FX.co ★ Technical analysis on Gold for May 5, 2021.

Gold price has been trading mostly sideways since April 15th. Price is trapped inside a trading range from $1,760 to $1,800. Price has made no real progress but has provided several false break out or break down signals.

Blue line- support

Gold price is now trading above $1,785. Gold price is in a consolidation phase. Support is at $1,760 and failure to hold above this level will open the way for a move lower towards $1.740 at least. Resistance is at $1,800 and breaking above it will open the way for a move towards $1,850. At current market prices traders should be neutral and wait for a boundary to break, in order to provide a clear trade signal.