XAU/USD Technical analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Gold is forming a bullish ascending triangle pattern, defined by a strong horizontal resistance ceiling at 3372.26 and a rising trendline creating higher lows.



The price is trading firmly above the 24 and 100-period Simple Moving Averages, which have recently made a bullish crossover, and the Relative Strength Index (RSI) is in bullish territory above 50. Currently, the price is at a critical juncture, attempting to break out above the 3372.26 resistance. If this breakout is sustained, it would confirm the bullish pattern and likely trigger a new leg higher towards the next major resistance at 3410.00. However, if the price fails to hold its gains and falls back below 3372.26, it would signal a "false breakout" that could lead to a pullback to test the rising trendline support around 3350.

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