Gold has rebounded sharply from the lower limit of its medium-term bullish channel at 1356 and consolidated its gains by forming a triangle. A breakthrough of the upper limit of the latter to 1379 will allow Gold to reach the upper limit of its channel at 1388.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate has broken out its resistance level at 1379 with a 1st objective of 1388, then 1392. A breakout in 1377 will invalidate this scenario.