TECHNICALS:

1.
– Price was respecting a short-term descending trend-line
– During consolidation phase price broke out sideways from trend-line
– Price then retested the trend-line on Friday
– Possible precursor to bullish move

2.
– 1222 Psychological level has acted as strong support as of recent
– The retest of the descending trend-line coincided with the 1222 support
– Price attempted to break lower through this level, however snapped back to close
the day on Friday resting upon it

3.
– On the 1hr timeframe a clear H + S bullish reversal pattern can be seen during the retest of the trend-line
– The shoulders lay perfectly on the 1222 Pysc support
– The head of the pattern tried to break below this level however failed and snapped back

FUNDAMENTALS:

– Iran/US tensions yet another geopolitical tension to add to the list that may prove bearish for USD
– If China/US trade tariffs calm down then this may provide a relief rally for gold             as this has been subduing it for some time now

Appreciate any thoughts/comments,

Thanks for reading,

James