XAU/USD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since early May, the yellow metal has been forming a triangle pattern that now is more than 240-bar long.
Currently, the bullion is sitting slightly above the 50-and 200-hour SMAs at 1,295.37. In the hours to come, the most traded precious metal may bounce off this level and follow a distinct bullish trend given that over 70% of positions on the SWFX are long. On its way towards the upper limit of the formation, XAU/USD will face several hurdles, namely 1,297.37/9.30 (four-hour R1, R2; daily R1) and 1,300.41/3.61 (four-hour R3; daily R3) that may limit the forthcoming upswing.
© Dukascopy Bank SA
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