XAU/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The first months of 2014 were positive for gold that lost almost 30% in the preceding year. Since the second part of January, the advance performed by XAU/USD has been developing within the area bounded by two upward-sloping lines that pushed the yellow metal on the brink of a seven-month high a few hours earlier. Considering traders' mood, a rally to this high is likely to be sustainable as more than 82% of them are expecting the bullion to remain on the upside in the hours to come. Fundamentals also are likely to lend support in future amid an escalation of geopolitical tensions in Ukraine.
© Dukascopy Bank SA
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