Gold prices were trading flat on the day, posting some modest gains. Price action was confined within the range of 1404 and 1383 for the most part of the week. A lack of clear economic data and a flat market sentiment kept the price of the precious metal unchanged.
Will Gold Continue to Trade Flat?
The current sideways price action has been maintained since late last week. With the range being formed, a breakout is evident. The bias remains balanced at the moment. An upside breakout could push gold prices higher, testing the previous highs. However, given the break of the rising trendline, there is scope for the lower end of the range at 1383 to be breached.