Currency analyst

XAU/USD: ran into a triangle

On the daily XAU/USD chart there's an uptrend channel, within which the pair formed "Spike and ledge" pattern on the pasis of 1-2-3. Successful test of the upper border of the ledge ($1365) will allow the bulls to continue rally at least to $1410 an ounce (200% according to AB=CD). On the contrary, a break of support at $1313 will strengthen the risks of corrective move towards the lower border of the trend channel ($1280).

On H1 decline in volatility led to formation of a triangle. If the pair leaves the triangle, it may lead to serious growth or decline in the pair. Resistance levels are at $1354, $1362 and $1366 an ounce. Look for support near $1345, $1339 and $1332.


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