After touching the ascending trend line from 1180.51 to 1194.94 on daily chart, XAUUSD rebounded strongly to 1265. Further rise to test the resistance of the descending trend line from the July 2016 high of 1375.11 to the November 2016 high of 1337.28 is possible over the next several days. A clear break through the trend line resistance could take price to the next resistance level of 1295.44. The key resistance is at 1295.44, a break of this level will confirm that the pair remains in the uptrend from the December 2016 low of 1122.56, then the next target would be at around 1350.
On the 4-hour chart, the pair stays above a rising trend line on 4-hour chart. As long as the trend line support holds, the upward movement from 1214.17 could be expected to continue. The key support for this short term uptrend is at 1245.96, only a breakdown below this level will suggest that the upward movement is complete, and this could trigger another fall to retest the support of the ascending trend line on daily chart.
The key support for the upward movement from 1122.56 is at the May 9 low of 1214.17. A breakdown below this level will indicate that the upward movement had completed at 1295.44 already, then the following bearish movement could bring price back towards the lower line of the triangle pattern on weekly chart.
Support levels: 1245.96 (May 18 low), the rise trend line on daily chart now at around 1220, 1214.17 (the key support for the uptrend from 1122.56), the lower line of the triangle patter now at around 1155.
Resistance levels: the descending trend line on daily chart now at around 1280, 1295.44 (April 17 high), 1337.28 (November 2016 high), 1375.11 (July 2016 high).