XAU/USD 4h Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA


As the yellow metal's price recently made a rebound against a strong cluster of support and began a surge in various ascending channel patterns, which were soon broken, the situation needs to be reviewed. First of all it is clear that the pair bounced off a large scale ascending channel pattern's lower trend line, which means that the now mapped, short term channel up pattern is not likely to remain in force for a long time. It is quite possible that the 50.00% Fibonacci retracement level near the 1,250 mark, which is measured by connecting the 2016 low and high levels, will provide enough resistance to force a short term retreat. Afterwards the new medium term channel will slowly reveal itself.



  Level  Rationale     Indicator 4H 1D 1W
R4 1,258/59 Weekly R1; 100 and 200-period SMAs     MACD (12; 26; 9) Sell Sell Buy
R3 1,249 50.00% Fibo     RSI (14) Neutral Buy Neutral
R2 1,242/44 Trend; weekly PP; monthly S1; 55 SMA     Stochastic (5; 3; 3) Sell Neutral Sell
R1 1,224 Trend line     ADX (14) Sell Sell Neutral
S1 1,222 Trend line     CCI (14) Neutral Buy Neutral
S2 1,219/18 38.20% Fibo; monthly S2     AROON (14) Buy Buy Buy
S3 1,212/11 Weekly S2; trend line     Alligator (13; 8; 5) Sell Sell Buy
S4 1,202 Trend line     SAR (0.02; 0.2) Sell Sell Buy
          Aggregate

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