Gold prices fell on Friday as the dollar edged up, while investors remain cautious ahead of the G7 meeting later in the day and other key events next week such as the US Federal Reserve’s policy meeting and the US-North Korea summit.
The gold price (XAUUSD) has the potential to remain sideways and overshadowed selling pressure below the psychological level of 1300.00 as happened in the last few days. The price of this commodity is currently having no direction because it is in the consolidation phase.
The expected potential for the movement of the gold price for today is 1292.70 up to 1303.00. In larger time frames, the consolidation range of gold prices is 1281.90 to 1307.55.