XAU/USD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Within this triangle pattern, gold is expected to have another leg down to the 1,232 level in the nearest future, namely the red boundary. Here the buying activity should revive, supported by 200-hour SMA at 1,230 and 100-hour SMA at 1,234. In the end, this continuation pattern implies a confirmation to the upside, as the general development of the bullion has been positive in recent weeks and months. A spike above 1,245 (upper boundary) is backed by daily technical studies and opposed by the majority of SWFX market participants, namely 59% of them. Indeed, XAU/USD should be able to move above 1,250 (weekly R1) in order to reinforce its future growth intentions.
© Dukascopy Bank SA
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