XAU/USD Breaks Out Of Consolidation Range

Gold came under pressure as the US dollar claws back losses from previous sessions.

On the daily chart, the price is entangled between the 20 and 30-day moving averages which act as resistance after the February sell-off.

Zooming into the hourly chart, the precious metal has been struggling near the supply area 1750-55.

The narrowing trading range between the resistance and the rising trendline is a prelude to a breakout, and a close below 1728 would resume the downtrend with 1700 as the target.

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