XAU/USD 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold has been ticking down on Monday, meaning that near term outlook is going to remain quite bearish. On Friday the local high has been touched at 1,079, as the cross fell short of reaching the Dec 9 high at 1,085. Now the main obstacle is represented by the 200-hour SMA at 1,070. There is a possibility of a bounce back in the direction of the weekly pivot point, but the presence of 100/55-hour SMAs is making the bullish scenario more complicated. On top of that, hourly technical indicators are pointing downwards and gold remains overbought in the SWFX market (62% long). We foresee an eventual drop towards 1,062 (monthly S1; trend-line), which will expose the current Dec low at 1,046.
© Dukascopy Bank SA
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