After reaching local highs of $1,787, gold went into a sideways trend. The overbought asset has decreased, which makes it possible to update local highs in the short term. On the hourly chart, the entry signal is given by the MACD indicator, and the last candles indicate a consolidation behind the resistance level of $1,760.
The target of this movement may be the last local high of $1,787, or the previous high in a downtrend of $1,807. The target boundaries are marked with a blue rectangle.
What key indicators could change the trend in gold in the near future?
United States Nonfarm payrolls data which is due this Friday.
The most important event for gold will be the Fed's interest rate decision on December 14th.
Until that time, the uptrend is unlikely to be broken and the upward movement in gold will continue.