XAU/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold continued its bullish showing this week, as bullion benefitted from the ECB rate cut wave, while the greenback remains under the pressure ahead of the statistics from the world's largest economy. Traders still believe in bullish scenario and are buying the bullion versus the buck in 62% of the time. Moreover, they believe the pair will continue climbing higher, as 67% of all pending orders are placed to buy the pair. In contrast, technicals are either neutral or bearish. A move above 1265.44 will be a ‘buy' signals, while any dip below daily pivot will clear the way for a recent low and weekly PP at 1251.03.
© Dukascopy Bank SA
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