XAU/USD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last trading week the Gold has been generally hovering to the downside, also underlying strength of the U.S. Dollar on the market as a whole. The present trading level is located at 1,268.83, just above the 50-hour SMA, as the pair slid slightly after a sharp jump to the upper boundary near 1,274.00 amid worse-than-expected U.S. jobs data. At the same time, we suggest the pair to reverse its downtrend in the foreseeable future, as near-term indicators point to the upside, while market is strongly bullish at the moment (68% of all positions are long). Meanwhile, four-hour studies are neutral, while daily indicators expect the pair to drop in the long-term.
© Dukascopy Bank SA
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