XAUUSD (1323.61): Gold prices turned bullish on Friday with the price action on the 4-hour chart indicating a breakout from the ascending triangle pattern. This also triggered an upside breakout from the bullish flag pattern. Price tested the previously established resistance level of 1321 before easing back. Gold prices need to post a follow through and close above 1321 to set the sights for the next upside target. While the ascending triangle on the 4-hour chart signals a move to 1323, the daily time frame bullish flag pattern gives an upside target of 1347 at the very least. If gold manages to establish support at 1315, we could expect to see some bullish momentum taking over.
