XAU/USD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold became more expensive last week, and, considering that the price has formed a bullish channel, this tendency is likely to continue. In the short term we may expect a modest downward correction, but the losses are expected to be limited by the up-trend and daily S1 at 1,131. If not, there is likely to be a considerably deeper decline, down to 1,115, where the weekly S1 level coincides with Sep 17 low and 200-hour SMA. The base case scenario is a rebound before 1,131 that will extend through the Sep 18 high and towards this month's maximum at 1,148. Meanwhile, the sentiment is moderately bullish—57% of the SWFX market participants are currently holding long positions.
© Dukascopy Bank SA
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