27 Sep 2016

BULLISH PENNANT ON GOLD

XAU/USD H4

The price is currently stuck in a small consolidation pennant after bouncing higher from the 2016 rising trendline support.

I keep holding my long positions and targeting the channel resistance around 1,350. A downside break would invalidate my immediate bullish bias, however, only a break below the rising trendline and the major psychological level at 1,300 would turn me bearish on the precious metal.





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