XAUUSD Trendline Consolidation

Gold continues to consolidate around a key trendline on Tuesday as traders await the next major directional move in the yellow metal. If the price of gold holds above trendline support, around $1,775, then further gains towards the $1,815 resistance level is still possible. A loss of trendline support and gold could suffer a steep decline back towards the $1,755 technical support region.

XAUUSD is only bullish while trading above the $1,775 level, key resistance is found at the $1,800 and the $1,815 levels. If XAUUSD trades below the $1,775 level, sellers may test the $1,755 and $1,735 support levels.

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