XAU/USD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold was trading above its 200-hour SMA after surpassing this level on August 8. Last Thursday, XAU/USD started to form a rising wedge pattern and now is moving closer to the convergence of the pattern's trend-lines, implying that a bearish reversal is possible.
At the moment, the precious metal is struggling at the four-hour pivot point at 1416.94 that, if broken, may trigger a downswing towards the cluster of four-hour support levels at 11414.12/08.05 and, if the decline continues, XAU/USD may see itself falling to 1401.98 (daily S1) that may alleviate downside pressure.
© Dukascopy Bank SA
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