XAU/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After touching 1181 on June 28, gold has started to recover against the U.S. Dollar. Currently, the pair is trading at 1383 and it seems that bears will be able to push the pair closer to the support line. Even though market sentiment is slightly bullish (66%), strong demand for USD and aggregate technical indicators on 4H chart are pointing at further depreciation. In case this scenario is confirmed, the first major stop for the short traders could be found at the level of 200-bar SMA at 1352.61, while the next stop is placed accurate at pattern's support line at 1337.33.
© Dukascopy Bank SA
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