Gold Consolidates

Gold has been trading in the area of $1,340-$1,345 for the past few days as market participants anticipate the outcome of the Syrian conflict and newly occurred political issues coming out of the USA.

If there is no development, Gold bugs will be disappointed as there is a chance traders and investors will dump their Gold holdings and allocate their capital elsewhere. In this case, we will be looking at prices hovering around $1,320 - $1,300.

If the situation worsens, however, we will witness a massive surge to the precious metal with targets anywhere above $1,360 which would invalidate the triple top formation and pave the way for Gold at $1,400.

Chart: XAU/USD H4