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