Steve O’Hare from First 4 Trading is looking to buy spot gold as multiple financial indicators signal a break-out from current levels. Price action has stalled recently near the short-term downward trending resistance line.

After 8 days of lower highs and 3 days of higher lows a symmetrical triangle pattern has formed on the hourly chart, confirming the potential for a break-out. Additionally, bespoke indicators and oscillators on the Ichimoku cloud have triggered short-term buying signals.

Steve says he is waiting for further confirmation of this buying trend and would wait to set longs until the price hits USD 1282. He is looking to target USD 1295 and USD 1307. A stop can be placed at USD 1270. Steve warns that a break below USD 1270 would signal a move lower to USD 1252.

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