XAU/USD 4H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The XAU/USD pair has been highly volatile just recently, losing more than 4200 pips on April 15. However, a massive sell-off was not strong enough, and the pair was not able to reach pattern's support. Usually, we recommend to avoid triangles with the unfilled gaps, however, this time, the pattern is approaching its apex point, which will be reached on May 6. Technicals are pointing at another retest of the support line, however, market sentiment and technicals on a weekly chart are pointing at further appreciation. Therefore, the short-term outlook is bearish, while in a bigger picture gold is still expected to appreciate versus the greenback.
© Dukascopy Bank SA
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