Conclusion for today’s XAUUSD technical analysis:
Price closing above ~1345 confirms a bullish break for the XAUUSD.
The Daily timeframe covers over 4 years of price action with the main focus for today’s XAUUSD analysis focused around the symmetrical triangle chart pattern that has been established since July of 2016.
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The aforementioned pattern came after a selloff in XAUUSD and therefore presents sideways price action that suggests a change in trend. Moreover the minimum requirement for an Elliott wave contracting triangle (3-3-3-3-3) has also been satisfied which further argues for higher prices in the XAUUSD.
A breakout (confirmation) above the upper boundary of the falling wedge (diagonal) pattern that lasted just over 3 months implies bullish strength. This was accompanied also by price successfully testing its 200 Day Moving average and maintaining its current upward slope.
The width of the triangle is also indicated on the chart and can be used for projection to determine the minimum expectation for taking profit.
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