XAUUSD (1313.09): Gold prices attempted to reverse the losses from Monday. Price action tested intraday highs of 1313.28 before easing back but closing on a bullish note. A bullish follow through today which could close above Monday’s open of 1314.07 will potentially set the upside bias in motion.
On the daily chart, gold prices have been consolidating, and the gradual decline has formed a bullish flag pattern. Price will need to break past the highs of 1321.58 to confirm the upside. The minimum upside target at 1347.23 is a successful breakout of the bullish flag pattern.
