XAUUSD Technical Analysis
|XAUUSD is fluctuating between two convergent trend line which could form an ascending triangle.
The major trend of Gold is up (since SEP 2018), but, it looks as if it has been forming an ascending triangle as a correction since FEB 2019.
1280 is a crucial support level which has prevented the price from moving downward since march and it is the trough of the triangle.
So, 1280 might support the price, If XAUUSD starts to reverse from 1280, 1300 will be the first target, and then, If XAUUSD breaks the upper bound of the triangle, 1345 will be the second target.
But If XAUUSD losses this support level and drops below 1280, it will fall to 1240.
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