XAU/USD 1H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A four-month high of 1,345.61 reached in the first part of July forced the shiny yellow metal to perform a rapid retreat. After the decline, the bullion was trapped by a short, only 52-bar long, symmetrical triangle, inside which XAU/USD to has been trading in a narrowing range.
At the moment, the proximity of the apex supports the idea that gold has exited the triangle in earnest and a notable drop may lie ahead. At the same time, market players do not expect a sell-off to happen, being bullish in more than 72% of cases, according to the SWFX data.
© Dukascopy Bank SA
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