Technician

Gold Continues To Push: Multiple Timeframe Analysis

FX:XAUUSD   Gold Spot / U.S. Dollar
The left weekly chart defines 1270 as a major pivot , the confluence of a major horizontal resistance and another descending resistance,e a break above this resistance may confirm a short to medium term bottom, what is interesting is that momentum is leading price higher.

The daily chart on the right, also confirms how sensitive is this area, as 1265-1270 forms a neckline for a major inverse head and shoulders pattern.

A breakout above 1270 may signal a bullish wave that targets 1360.
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