XAU/USD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering that gold formed a continuation pattern after a sell-off, support at 1,206 is likely to be violated. However, if this is the case, we do not see the price falling beneath 1,175 afterwards, being that the decline from Feb 11 is a retracement following a break of the long-term trend-line. Alternatively, if the green trend-line stays intact with the help of the daily pivot point and 200-day SMA and the price closes above 1,211, the first significant target before 1,263 should be 1,224/22, where the weekly PP coincides with the daily R2. Meanwhile, the sentiment in the SWFX market is negative towards the bullion: one third of positions is long and two thirds are short.
© Dukascopy Bank SA
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