The Gold (XAU/USD) started yesterday a strong bullish rally.
A high has been formed last night on 1322 points.
This morning, the price is making a correction of its last bullish rally and is currently testing the lower band of its previous short-term triangle (black lines on the 1H).
The Gold is now back above its short term bullish slant (pink line on the 1H).
I would advise traders to trade only Long positions (buy) on gold as far as 1305 points is support.
A break of 1322 points will give a new buy signal for an extension of the rebound towards 1330-1342.
In case of return below 1305, we will advise to wait a breakout of 1285 before to trade short positions (sell).
NB: if the price returns into the neutral zone (between 1285/1305), note that a return above 1305 points (an upward re-break of this level) will provide a buy signal to enter Long.
Full analysis