XAU/USD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The yellow metal has been trading in a descending channel pattern since the end of February. However, most recently the bullion's price reached the lower trend line of a large scale ascending channel. Although, this does not necessarily mean that a rebound is about to occur and a few weeks of gains are about to occur. The large scale channel is still hypothetical, as the lower trend line has been drawn by simply creating a parallel line to the long term resistance line by using as a starting point the 2016 low level. Due to that reason traders are advised to look for additional clues regarding the future of the bullion, as even the SWFX market sentiment is neutral.
© Dukascopy Bank SA
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