XAU/USD 4H Chart: Broadening Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
XAU/USD failed to breach the psychological level at 1.13, after that coming under a heavy selling pressure that pushed the pair into a broadening falling wedge pattern. Recently, the yellow metal has tested the weekly PP at 1.242; however, at the moment it was not able to breach it. Nevertheless, the short term (4H) technical indicators are more to the upside, thus a repeated attack towards the weekly PP and monthly S2 might be anticipated. Also, the traders' sentiment is distinctly bullish, with 64.96% of the traders favouring gold over the U.S. Dollar; therefore, increasing the possibility of the short-term bullish scenario.
© Dukascopy Bank SA
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