XAU/USD 4H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a long period of indecisiveness it seems XAU/USD cross will soon be rather volatile and a formation of a new trend can be expected. A triangle pattern formed on August 7 is moving to its apex as both trend lines will converge on October 7. Another sign of the upcoming breakout is decreasing volume and which is currently around August's average level, meaning traders are waiting for a breakout which can be occur in any direction. However, aggregate technical indicators on a daily charts are sending "sell" signals, suggesting bears will push the pair lower. Meanwhile, 62% of traders are holding long positions, hence the short term outlook is bullish.
© Dukascopy Bank SA
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