XAU/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last trading week the Gold has been generally hovering to the downside, also underlying strength of the U.S. Dollar on the market as a whole. The present trading level is located at 1,268.83, just above the 50-hour SMA, as the pair slid slightly after a sharp jump to the upper boundary near 1,274.00 amid worse-than-expected U.S. jobs data. At the same time, we suggest the pair to reverse its downtrend in the foreseeable future, as near-term indicators point to the upside, while market is strongly bullish at the moment (68% of all positions are long). Meanwhile, four-hour studies are neutral, while daily indicators expect the pair to drop in the long-term.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.