The precious metal held steady on Thursday and is likely to post another week near the six-year highs. Gold prices gained despite some strong regional manufacturing data. The Philly Fed manufacturing index rebounded in July from a 4-month low. The data gave renewed optimism that the US economy could remain on the growth track.
XAUUSD Consolidating into an Ascending Triangle Pattern
The precious metal is consolidating into the ascending triangle pattern. Price action is testing the resistance level of 1431 – 1428 region. A breakout above this level confirms further upside in gold. However, unless there is a strong breakout higher, it is unlikely that the breakout can be sustained.
