GOLD (XAU/USD): multi-timeframe analysis. Bulls have taken over

OANDA:XAUUSD   Gold Spot / U.S. Dollar
First and foremost, looking at the Weekly timeframe graph of Gold , it can be inferred that the price has broken out of the descending channel portrayed on the chart and started printing impulsive moves to the upside.

Narrowing down to the Daily timeframe graphic, we can observe that the price has recently re-tested the highlighted area of resistance that lines up with the 61.8% Fibonacci retracement level.

Lastly, zooming into the 8h timeframe chart, it can be clearly illustrated that the price is currently attempting to break above the local area of resistance. After a breakout takes place, a re-test will be awaited before entering long positions and riding the bullish trend .

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