XAU/USD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
XAU/USD has formed a rising wedge pattern on the hourly chart on October 8 and it seems the pattern is moving to its apex. Both trend lines will converge on October 31, hence only a week left before the pair breaks through any of the trend line. However, technical indicators on three different timeframes are neutral and do not give a clear "buy" or "sell" signals. Stochastic is suggesting a turning point, however, suggesting the trend may change in the foreseeable future. It is better to wait for a breakout, however, both short and long traders are already facing difficulties. Hence, bulls are experiencing difficulties at 1346.30, while bears will struggle to push the pair below 1327.26.
© Dukascopy Bank SA
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