GOLD Rebounds inside a Triangle Pattern - Patience Required

The price of gold (XAU/USD) has rebounded from 1 ,976.00 to climb above 1 ,990.00 during the Asian trading session. However, the precious metal experienced a sharp decline on Thursday after House Speaker McCarthy commented that the debt limit cannot pass without budget negotiations, as reported by Bloomberg.

Market analysts expected that the potential increase in the US debt ceiling could impact the long-term credit rating of the US economy, causing the US Dollar to weaken and the appeal of gold as a safe-haven asset to increase. However, the delay in the debt-ceiling talks has weighed heavily on the price of gold.

According to technical analysis, gold is currently within a Symmetrical Triangle pattern, indicating that only a breakout or breakdown of this pattern will provide a clear direction for traders on the next move. Patience is therefore key in this scenario.