Gold is returning home
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On the daily chart, after the false break of the neckline of the “Head and shoulders” pattern and successful test of $1255 bulls are trying to return the price inside the previous uptrend channel. If they succeed, the possibility of the uptrend’s resumption will significantly increase. On the other hand, recoil from the diagonal resistance to the downside will return power to bears.
On H1, gold is trading within a rising channel. The nearest resistance is at $1276-1279 per ounce (200% target of AB=CD + 78.6% of the last descending wave).
