XAU/USD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The price of gold has recently found a solid support at 1,252.25, which happens to be the 38.2% Fibonacci retracement of the Jan 2—Jan 22 rally. This gives us a reason to suspect that the bearish correction has already been completed, and XAU/USD intends to breach the falling resistance line at 1,278.62 and thereby revive the bullish momentum. The first target in this case will be the 200-hour SMA that stands close to the Jan 30 high, followed by the Jan 27 and 22 highs at 1,307.93 and 1,297.86, respectively. The SWFX traders share the positive outlook—71% of open positions are long, though this may also mean there is no more room for new buyers.
© Dukascopy Bank SA
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