XAUUSD: Correction Starts?

XAUUSD, H1

On the H1, XAUUSD formed an ascending channel pattern in a short-term bullish impulse. The price reached an ATH again and crossed the upper Bollinger line, with the lines shrinking, which is a sign of the beginning of a strong move. The CCI has risen strongly above 100.0, indicating an overbought solid pattern.

• If Gold breaks the 2670 resistance, it will open the way up to 2687;

• However, a break of the lower trendline will start a correction to 2633 support corresponding to 161.8 Fibonacci;