XAUUSD GOLD: Weekly technical outlook

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold has now broken the longer term April 2018 trend line , consolidated and now looks to push higher. We have identified a few points to note prior to taking any long position.

- Key 1240 handle reached (which also happens to be the 38.2 fib level from the Apr run)
- Bear flag pattern forming indicating a potential to reverse lower (confluent with the recent DXY wedge bull breakout)
- Price testing the upper resistance of flag/channel*
- Price exacerbated by equity market volatility and correction

*channel unconfirmed


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