XAU/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching a low of 1180.86 on June 28, gold is starting to recover versus the greenback and even formed a channel up pattern, with 65% quality and 60% magnitude, suggesting we might observe the appreciation of the pair for some time. Even though technical indicators on three different timeframes are sending mixed signals, market sentiment is strongly bullish (73%), adding to evidence the pair will continue heading to the north.
© Dukascopy Bank SA
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