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Gold : Confirming a Bullish Pattern Breaking Falling Wedge

XAUUSD : 4 Hour Chart

Gold finally broke out from the falling wedge which I discussed in my previous blog.The commodity surged on the reports that Russian troops are gathering near the Ukraine border. The geopolitical tensions between Ukraine and Russia will continue to weigh on Gold and will push the commodity price higher.

On the 4 hour chart, we can see that Gold surged by breaking the falling resistance trend line of the wedge. The nearest resistance the commodity would have found was at 1305.87 but seems like it will break this resistance also. Currently it is trading above the 50 day and 100 day SMA signaling a bullish movement. If it continues to move above the next nearest resistance is at 1308.95.