XAU/USD 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The formation of a 188-bar long triangle shaped by XAU/USD commenced at a six-month high of 1,389.73. While vacillating between the pattern's trend-lines, the yellow metal has been mainly tilted downwards and once it even dived well below the triangle's support line but managed to come back to the pattern shortly after the drop.
At the moment, the most traded precious metal is sitting not far away from the apex that will be attained later in the week. This means that a breakout is nearing. However, the direction of the exit is obscure as technical indicators point to a weakness of XAU/USD, while almost 80% of traders at the SWFX hold long positions.
© Dukascopy Bank SA
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