XAU/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
While many market participants are considering gold is an uptrend against the greenback, the pair has lost more than 70$ since August 28. At the moment of writing, the pair was traded at 1364, just 12$ above the pattern's support. However, it seems that it is unlikely the pair will tumble to this level, as indicators on 4H chart are sending "buy" signal. Moreover, at 1356 the pair will face a 200-bar SMA, which is always posing certain difficulties. It is also important to mention amid growing speculation for a possible tapering of QE, demand for the USD rose significantly. The pair may move lower until the next Federal Reserve's meeting in the middle of September.
© Dukascopy Bank SA
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