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Gold – Bullish break on daily chart

FX:XAUUSD   Gold/U.S. Dollar
Resistance - $1358, $1378-1380, $1400

Support - $1344, $1335, $1328

PatternBullish break from expanding channel

  • Gold’s bullish break from expanding channel formation on Friday has left the doors wide open for the continuation of the rising trend from December low and a possible test of Leg D of Cypher pattern seen at $1378 levels.
  • However, prices failed to cut through $1358 (June 24 high) and retreated to $1350. The daily RSI is still away from the overbought region which means another attempt at $1358 could be made.
  • A break above the same would expose $1370-1378 levels.
  • On the downside, only a day end closing back inside channel would signal bullish invalidation.
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