Gold back to trading above the key support of $1,974. However, it faces tough resistance around $1,988. Only a break out of the triangle would point to further upside.

Gold dipped below its key support base on Thursday, which saw a slight rebound on Friday. The previous support of $1,974 is now acting as the support once more, followed by $1,957 and then $1,951. A break below $1,951 could see its price continue lower towards $1,935, and even as low as $1,900 an ounce. Towards the upside, resistance sits along the descending trendline of the triangle around $1,988. A break above it may see the price edge higher towards the $2,000 mark. But traders should be wary of any false breakouts as the current bias remains bearish. Over to the indicators, the MACD has turned positive on the 4 hourly timeframe with the RSI now in a neutral stance as it reads 48. However, on the daily timeframe, the MACD is still fairly negative so any upside movements can be limited. Unless there are clear signs of a reversal trend.