XAU/USD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Apparently, the 200-hour SMA, a potentially tough line to breach, did not turn out to be a nuisance when XAU/USD was forming a rising wedge. A recovery from a low of 1,273.23 did not encounter any particular difficulties while crossing the long-term moving average, but instead was consistently respecting two converging trend-lines, an intersection point of which is not that far any more.
Right now the pair is moving away from the lower trend-line towards the upper boundary of the pattern at 1,354.44, where it is expected to start forming another leg down.

© Dukascopy Bank SA
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