andrew.berg
Long

XAUUSD inverse H&S, break up of neckline

FX:XAUUSD   Gold Spot / U.S. Dollar
Recently, Gold             broke up above intermidiate resistance/neckline. On chart, you can see inverse Head and Shoulders pattern which usually leads to reversal of previous trend. Since Reversal candle on the 1st of January of 2015 it feels much more constructive. Nice 2 days of rally after that actionable signal. Then it broke up resistance at $1,204 which later became our new pivot support. After 3 days of rally we have small reversal candle which may lead to digestion or pullback (reason to cover some if you are long, doesn't mean short) that is healthy as gold             already gained 4.5% since the beginnig of new 2015 year.
First area to look for entry Long is $1,223 - break point of neckline and previous swing high. Then we have 21 EMA and bigger support at $1,204.
From fundamental point of view we can see increase in demand, as wedding season takes place in many countries. India is prominent one.
My first intermidiate target is $1,255. Macro target $1,300-$1,330
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