Gold price is auctioning in a Symmetrical Triangle chart pattern on an hourly scale, which indicates a squeeze in volatility that is followed by an expansion in the same. The downward-sloping trendline of the aforementioned chart pattern is placed from March 15 high around $1,939.40 while the upward-sloping trendline is placed from March 16 low at $1,907.56.
Overlapping 20-period Exponential Moving Average (EMA) at $1,919.60 with the asset indicates a rangebound move.
Adding to that, the Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00 range, which indicates that investors are awaiting a potential trigger for further action.
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