Gold: Bullish Momentum Expected

XAUUSD – H1 Timeframe

XAUUSD had recently broken above the resistance trendline of a descending channel, leaving behind clues in favor of a bullish momentum. The area for the anticipated trendline retest enjoys further confluence from the pivot zone, as well as the drop-base-rally demand zone. Here again are the crucial confluences;

• The break out of the descending channel;

• Retest of the trendline support;

• Drop-base-rally demand zone;

• 62% of the Fibonacci retracement.

Analyst’s Expectations:

Direction: Bullish

Target: 2653.56

Invalidation: 2615.77

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Author: Adetola-Freeman Ogunkunle