MFXSCharts

XAUUSD Gold consolidating below major trend-line resistance

FX:XAUUSD   Gold/U.S. Dollar
Gold             is consolidating below major trend-line resistance, stemming from the all time highs back in 2011. The yellow metal is well supported above a rising channel from December 2015. This gives us a terminal wedge pattern, which must eventually break, but is still relatively wide. We are waiting for a daily close above zone/trend-line resistance confluence at 1350, to signal a bullish breakout. A close below channel support/August lows/psychological 1300, would invalidate and suggest a top.
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