The precious metal is likely to start a consolidation period between $1,795 and $1,825 in the short term, we might not see big movements in the upcoming trading sessions. The pair is still on a general upward trend; however, if the price continues to fall, it will enter the Ichimoku cloud and that will bring market uncertainty.
The Bollinger bands are shrinking which is why we expect lower volatility, currently, there is not a defined trend and the price is likely to start moving sideways after being unable to complete the resistance breakout.
The relative strength index is at 53% which will allow the price to move freely in the upcoming sessions. Our parabolic SAR indicator suggests that the price will continue to climb, currently, the price trades above the short and long-term moving averages which strengthens the long signals, but if the bands continue to shrink we would not expect the price to continue climbing.
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