XAU/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The precious metal is currently in a strong up-trend, it has already gained more than $100 in price since the beginning of the year. At the moment XAU/USD is consolidating, being unable to pass through 1,306, represented by the weekly R1 and Jan 21 high. Once this resistance is overcome, the bullion will confirm its bullish intentions, setting a new target at 1,323, namely at the upper boundary of the bullish channel, which is reinforced by the weekly R2 and also by the 2014 Aug high. The downside should be limited by the lower support trend-line at 1,285. Meanwhile, the sentiment is distinctly bullish, with 66% of all open positions being long.
© Dukascopy Bank SA
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