Gold price consolidates after volatile trading above the $1,800 mark. XAU/USD needs acceptance above $1,825 to confirm a triangle breakout, FXStreet’s Dhwani Mehta reports.

Risks remain tilted to the upside

“Gold bulls need a daily closing above the horizontal trendline resistance at $1,825. to validate an upside break for the ascending triangle, opening doors for a retest of the multi-month high at $1,833. Further up, the psychological $1,850 level will come into the picture.”

“Should the pullback from higher levels extend, Gold could revisit the previous day’s high at $1,800. The next critical support awaits at $1,794, which is the confluence of the rising trendline (triangle support line) and the bullish 21-Daily Moving Average (DMA). Daily closing below the latter will confirm the downside break from the triangle, invalidating the bullish thesis.”