XAU/EUR Technical Analysis: Teasing descending triangle breakout

Gold in EUR terms (XAU/EUR) is probing the upper edge of the descending triangle seen in the hourly chart. 

An upside breakout, if confirmed, would signal an end of the pullback from recent highs near EUR 1,186 and could yield re-test of that level. 

That pattern would be invalidated if prices find acceptance under the Asian session low of EUR 1,162. 

As of writing, XA/EUR is trading at EUR 1,167 per Oz. 

Hourly chart

Trend: Bullish

Technical Levels

R1: 1,170

R2: 1,175

S1: 1,162

S2: 1,155