XAU/USD 1H Chart: Triangle

The bullion has recently confirmed the upper trend-line of the triangle pattern, expanding its gains versus the US Dollar. Nevertheless, the bulls failed to test the initial target at 1143 (daily R2), as the precious metal continued to fluctuate below that level, even though the one-hour technical studies are projecting a strong bullish tendency. At the same time, in case gold slips down, the depreciation could be stopped at 1140 or by the cluster of supply levels around 1132. SWFX market participants still seem to be undecided, with 53% of them holding long open positions, while 47% of open positions are short. Meanwhile, four-hour and daily indicators send mostly bullish signals at the moment.