XAU/USD 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold has just left the symmetrical triangle, meaning the outlook for the next few days is strongly bullish. Considering the height of the broken pattern (about 80 dollars), our objective is now the 2015 high at 1,308. However, XAU/USD will have to pierce resistances 1,248 (weekly R1) and 1,268/63 (weekly R2 and Feb high) first. The closest significant support level is at 1,210, where the lower bound of the triangle coincides with the monthly R3. Another solid demand area is seen between 1,180 and 1,170 dollars. Meanwhile, positive bias is also implied by the sentiment in the SWFX market—70% of traders are currently holding short positions.
© Dukascopy Bank SA
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