Currency analyst

Gold: will the bulls find strength to attack?

On the daily XAU/USD chart there's sustainable uptrend. The trend counl continue in case of successful test of resistance at $1370 an ounce. Here's the target of the 161.8% AB=CD pattern. The area of $1305-1314 acts as support. The break of it will activate the "3 Indians" and 1-2-3 and will lead to correction to $1260-1280 an ounce.

On H1 the bulls have already twice managed to break above the consolidation patterns within the "Spike and ledge" pattern. Remember about the risks of a model (Fakeout-Shakout). Unsuccessful break of resistance and the following return to the lower border will be a signal for short positions.



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