After touching 1.3000 important psychological level, XAUUSD pulled back from 1300.82 and formed a triangle pattern on its 4-hour chart. The triangle pattern is likely consolidation of the uptrend from 1204.77, another rise could be expected after the consolidation.

On the upside

There is a bullish trend line from 1204.77 to 1251.44 with support now at around 1280 on its daily chart. So bullish breakout would more likely be seen.

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