XAU/USD 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After losing its value relative to the U.S. Dollar during more than two weeks ended April 1, the most traded precious metal started to appreciate. Although the rally has been lasting for almost two weeks, the yellow metal is not likely to halt it in the nearest future given that gold opened above the upper limit of the 75-bar long ascending triangle. This may mean that the breakout might have occurred. Market players support this idea, betting on appreciation of the metal in 67.80% of cases. Technical indicators also signal that buying pressure may be in place in the short-term.
© Dukascopy Bank SA
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