On a larger frame it has typical Cup and Handle pattern and on a smaller frame it has inverse H&S pattern. Keep an eye on it and see if it breaks the resistance this time.
Note
XAUUSD is falling due to strong dollar. Keep watching the price of DXY. DXY is at resistance zone right now. If it turns back then gold will rise. Technically DXY is showing upward momentum for two more weeks.Note
XAUUSD is at key support level based on trend lines but market momentum is very negative on weekly basis. If it breaks down it can go to $1255 and then $1200.DXY is at Key resistance but looks more positive. If it breaks up...I won't be surprised if it goes up to 95.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.