XAUUSD Analysis on H4 Chart.

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
A closer look at Gold price action shows XAU/USD continuing to trade within the confines of the ascending pitchfork formation extending off the November / December low. An embedded channel off the January lows (red) has guided the recent advance with the lower parallel converging on initial support today at 1826/29- a region defined by the 61.8% Fibonacci retracement of the November decline, the July high-day close, and the 38.2% retracement of the January range. Near-term bullish invalidation now rests with at the lower parallel / 61.8% retracement at 1809- losses should be limited to this slope IF price is indeed heading higher. A topside breach from here keeps the focus on a pair of extensions at 1861 and 1877- both areas of interest for possible topside exhaustion IF reached.
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