GOLD (XAU/USD): detailed breakdown and explanation

In the previous analysis for GOLD, we had mentioned that the price is most likely to visit the area of the ascending trendline that aligns with 50% Fibonacci level once again, before continuing its moves to the upside. As it can be seen from the graphical illustration, a nice bullish hammer candlestick pattern was formed earlier, as the price nicely rejected the area of 0.5 Fibonacci retracement. We are now expecting for the price to keep rising all the way up and reach the zone of $1877.

Happy trading, everyone!