Gold Price Analysis: $1,585 is the level to beat for the bulls

London (Feb 14)  Gold's stalled rally could pick up the pace above $1,585. That level is currently housing the upper end of the 6.5-week long narrowing price range.

The metal has printed lower highs and higher lows since topping out at $1,611 in early January. That has taken the shape of a narrowing price range or contracting triangle

Acceptance above the upper end would imply a resumption of the uptrend from November lows near $1,455 and could yield a move above the recent high of $1,611.

On the other hand, a range breakdown could cause buyers to exit the market, yielding a deeper drop to $1,520-$1,500.

At press time, the yellow metal is trading at $1,576 per Oz.

FXstreet