Long

GOLD forming a symmetrical November bullish break-out pattern.

As you see Gold spot prices (XAUUSD) broke below their dominant Channel Up pattern of December but this didn't turn out to be a bearish signal as the very same bullish (break-out) flag was formed in October's Channel Up. The Bull Flag (black channel) eventually recovered the 4H MA50 (blue trend-line) and broke upwards, above the 1834 Symmetrical Resistance and made a 1877.50 top.

Right now Gold is above the 4H MA50, attempting that important break-out test. We expect 1875 at least within January. A 3.0 Fibonacci extension can be used as target later after 1D closes a candle above the Resistance.

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