XAU/USD 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The long-term outlook for gold, both spot and futures, is bearish, as fundamentals are suggesting the world's largest economy will gain momentum. Moreover, technical analysis is pointing at the downside movement in the XAU/USD pair. The symmetrical triangle pattern on the 4H chart is moving to its apex, while the price has already moved below the lower trend line, reflecting the strength of the bearish trend. While technicals on the 4H chart are pointing at further depreciation, Dukascopy traders are having a slightly more optimistic view, with 71% of opened positions being long. A move below 1288.42 will clear the way for weekly S1 located at 1280.44.
© Dukascopy Bank SA
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