XAU/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Last time we looked at this bearish channel, the currency pair was undergoing a bullish correction. Since then XAU/USD has respected the upper boundary of the corridor at 1,285 and has come under strong selling pressure that is currently pushing the price towards the lower falling trend-line at 1,231, where we can expect yet another transient rally.
However, neither the SWFX market sentiment, which is neutral with 52% of positions being long and 48% of positions being short, nor the technical indicators, which are mixed on all relevant time-frames, support this scenario and instead imply sideways movement for the exchange rate.
© Dukascopy Bank SA

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