XAU/USD Analysis: Descending triangle in sight

XAU/USD

During the previous trading session, the price for gold reached the lower boundary of the descending triangle pattern at 1,282.56.  

From a theoretical point of view, the XAU/USD exchange rate should reverse north and continue going up. However, the rate has to surpass the resistance formed by the 55-hour SMA, currently located at 1,289,40.  

If the given pattern does not hold, it is likely, that a breakout south occurs in the nearest future, and the price for gold surpasses the psychological level at 1,280.00.

XAUUSD

XAUUSD

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