Bulls regained their strength
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On the daily chart of gold after reaching the 127.2% target in the "Perfect Butterfly" pattern there was a rebound from the lower boundary of the downward trading channel followed by the development of an upward short-term trend. If the bulls manage to settle down above $1,205 (38.2% Fibo level of the last downward wave), then the risks of continuation of the rally towards $1,230 and $1,255 will increase.
On the hourly chart of gold, an ascending triangle was formed. A breakout of its upper boundary will create prerequisites for the realization of the "bullish" scenario. There might be a correction towards an uptrend once diagonal support near $1,195 is tested successfully.
