Gold Price: Upside stands limited in the near-term

Barcelona-Spain (Jun 3)  The price action in Gold suggests the precious metal is forming a potential triangle pattern and any upside will stay limited to 1231, as noted by MacNeil Curry, CFA, CMT, Technical Strategist at BofA-Merrill Lynch.

Key Quotes

“We have tempered our enthusiasm on the yellow metal. The range trade from last November looks increasingly like a potential Triangle, which would limit the potential upside.”

“In the near term, gain should be limited to the May-18 high at 1231, while the confluence of retracement support at 1177/1172 should limit the downside."

Source: FXstreet