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Bullish breakout for gold
Gold is in the process of breaking out of a symmetrical triangle formation, which has been in play since early February. The key to a confirmation of this would be a closed candle (4-hour would give better confidence than 1-hour) above the triangle top of $1284.
Should that occur, we are likely to see a strong week ahead for gold. For now, we have clearly broken through $1271 resistance and subsequently found support, posting a bullish hammer candle this morning. With that in mind, further upside seems likely which looks onward towards $1280, $1284 and $1300.
A closed hourly candle below $1271 would bring a more neutral view given that we are heavily extended to the upside currently.