XAU/USD 4H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
XAU/USD is currently consolidating after a massive rally observed during the first two and a half months of this year, as it was unable to pass the resistance at 1,389.71. At the same time the pair was supported by 1,273.20, which preserved the overall bullish outlook for gold.
As a result, the price broke out of the pattern to the upside and reached the first target at 1,306.74. Accordingly, the next objective is the Apr 14 high at 1,331.25. However, we must be wary of a possible pull-back  to 1,282.67 prior to an up-move. Meanwhile, the market is undecided with respect to XAU/USD—50% of positions are long and 50% are short.
© Dukascopy Bank SA
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