Technical Analysis: XAU/USD bounces off major trendline Gold has bounced off a major trendline that reflects the precious metal’s long-term uptrend on Wednesday. XAU/USD Daily Chart

Bloomberg: The precious metal trend is in a medium and long-term uptrend, and given the maxim that “the trend is your friend,” the odds still favor a continuation higher. In the short term, the trend is unclear. A break above $2,721 (Monday’s high) would be a bullish sign and give the green light to a continuation higher. The next target would be at $2,790, matching the previous record high. Alternatively, a decisive break below the major trendline would likely lead to further losses and confirm the short-term trend as bearish. A decisive break would be one accompanied by a long red candlestick that broke cleanly through the trendline and closed near its low – or three red candlesticks in a row that broke below the line.