XAUUSD Breaking out
Gold has rallied sharply alongside other precious metals after finally breaking through the technically important $1,755 resistance area. A bullish reversal pattern is warning that the price of gold could be set to rally towards the $1,800 area in the short-term. The overall bid-tone towards the yellow-metal is likely to remain in place while the price of gold holds above $1,755.
XAUUSD is only bullish while trading above the $1,755 level, key resistance is found at the $1,780 and the $1,800 levels.
If XAUUSD trades below the $1,755 level, sellers may test the $1,730 and $1,710 support levels.