Gold technical analysis: Support is holding ahead of the Trump speech

• A close lower today could mean a four-day losing streak for the precious metal.
• XAU/USD trades 0.23% lower today as USD 1450/oz is holding as support.

Gold Daily Chart

As the Fed paused on interest rate cuts and the US and China seem to be getting on better in regards to trade. Gold has taken a hit since September.

The triangle on the daily chart broke lower recently and there are a few scenarios that would play out.

It is very common for an asset to retest the pattern once it is broken. This would take a bout of risk-off sentiment but this doesn't seem likely right now.

The other is for the price to break lower and test the next distribution between USD 1380 - 1430 per ounce.

The speech today in New York by Donald Trump could inspire such volatility. Unfortunately, this does make today's price action a binary event.

Additional Levels