XAU/USD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After hitting the lowest level since April on June 27, the bullion got an impulse for a sharp upward movement that sent the yellow metal to almost a two-month high of 1433.39. However, gold retreated from this region and started to vacillate slightly above its 20-bar SMA at 1397.34. Market participants are bullish on XAU/USD as almost 65% of traders bet on appreciation of the pair. If these expectations materialize, gold will jump above four-hour resistances at 1413.03/19.18 to reach the daily resistance sitting at 1423.87. If XAU/USD is able to surpass this mark, it may move towards the level of 1436.08 (daily R2; two-month high) that is likely to ease buying pressure.
© Dukascopy Bank SA
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