XAUSD Intraday Analysis

Gold prices have now surged above the local 1196.41 region that saw key support last week. For now, price remains in the middle range of the larger contracting triangle pattern which has framed price action over the last few weeks. If the topside triangle trend line is broken, focus will turn to a test of structural resistance around the 1206.61 – 1208.42 region. To the downside, initial support is sitting at the 1191.48 region, while below there the rising triangle trend line provides support.