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    Gold Price Analysis: XAU/USD charts a narrowing price range near the 200-day SMA

    Abstract:Gold defends the widely-tracked 200-day SMA support. The hourly chart shows a narrowing price range or pennant pattern.

      Gold is trading largely unchanged on the day near $1,845 per ounce. The sellers failed to establish a foothold below the 200-day Simple Moving Average (SMA) for the second straight trading day on Monday. The average is currently located at $1,838.

      The yellow metal has carved out a pennant pattern on the hourly chart. A downside break would imply a continuation of the sell-off from $1,940 and open the doors to a re-test of Monday's low of $1,816. A violation there would expose the psychological level of $1,800.

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