XAU/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most traded precious metal halted its 10-week long rally after it reached a four-month high of 1,332.39 on February 17. A rise to this level exhausted gold's potential as the yellow metal not only was unable to consolidate at the peak but also slumped to the lower limit of 115-bar long channel up pattern and breached it, suggesting that a massive sell off may lie ahead. To confirm this, XAU/USD has to dive below a support zone at 1,315.73/04.46 (four-hour S2, S3; daily S1, S2) that will open the way towards 1,296.32 (daily S3, 200-hour SMA) that may help the bullion to cease its depreciation.
© Dukascopy Bank SA
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