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The precious metal has moved into a holding pattern, staying afloat above 1900 and 1911.50. This marks the key support/resistance level for gold over the past few months.

Price action has formed an ascending triangle pattern. However, this is yet to be validated.

If the declines from Friday can post a reversal, we might see an upside breakout. This will be subject to price breaking above the 1911.50 region.

This will give the minimum upside to the 1937.50 region at the very least.

Alternately, if price continues to decline, we could see the ascending triangle being invalidated.

This might potentially open gold prices to the downside risk.

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