XAU/USD 4H Chart: Triangle

First attempt to break out of the triangle pattern took place on April 21, but the bears have quite successfully returned gold back into the boundaries. The outlook is thereby remaining strongly positive, also given that the continuation triangle pattern implies growth in the future. Moreover, all technical studies but 4H CCI and Stochastic are giving signals to either buy gold or stay on hold. SWFX sentiment is 58% short, which is also projected to back the longs in the foreseeable future. As soon as the 1,252 mark is overcome, the focus will shift towards the March peak at 1,284.48. Alongside, the bearish scenario will be off the table until 1,238/43 cluster of supports gives up to any downside pressure.