Dear traders, Gold (XAU/USD) is building a bull flag chart pattern. Price has recently bounced at the support zone (green lines) and Wizz 6 level. Will price be able to make a bullish breakout?
Daily chart
The XAU/USD needs to break that resistance trend line (orange) before an uptrend confirmation is possible (green check). A breakout, pullback, and continuation pattern (green arrows) would help confirm the break. The target is aiming at the $1800-1820 zone. A failure to break could indicate a retest of the support zone first. A break below the support zone (orange dotted arrow) most likely invalidates (red x) the bullish outlook.
