XAU/USD reveals its pattern

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 50% 50% 0.00%
Shorts 50% 50% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Sell Buy
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

A third attempt of the yellow metal to break through the resistance levels, which are located just above the 1,250 mark. However, the metals price is also not retreating, as the combined support of the various simple moving averages is providing the needed strength for the metal. Meanwhile, while looking back a the few previous trading sessions, one can notice that in the recent days the commodity price has formed an ascending triangle pattern. In accordance with the pattern the bullion's price is setting itself up for a breakout to the upside, as pressure has been building up against the resistance of the 1,250 mark while the metal has gradually shown higher bounce off low levels.

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