XAU/USD 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the middle of August, XAU/USD has been tilted downwards and the tendency is likely to preserve in the upcoming trading sessions given that the instrument is trapped by the limits of a bearish formation—falling wedge. Currently the pair is trading around the down-trend's support and weekly S1 at 1,253.14. However, in the foreseeable future, the yellow metal may face additional losses against the Greenback since the daily technical indicators are more to the downside. At the mean time, our traders' sentiment is bullish; therefore, a rebound towards the 1,270 level is not unrealistic.
© Dukascopy Bank SA
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