XAU/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold failed to carry bullish momentum beyond 1,300 dollars because of the 2015 high after the price had broken out of the triangle. As a result, the precious metal is now trading within the distinct boundaries of a bearish channel. The pattern implies a sell-off from 1,280 down to 1,260, but we should be wary of strong nearby supports, such as the weekly pivot point at 1,274 and a cluster circa 1,270, created by the yesterday's low, daily S1 and most importantly by the 200-hour SMA. Meanwhile, the bullion is close to being oversold, since 67% of open positions are short. If resistance at 1,280 is violated, the next bullish target should be the daily R1 and May 5 high at 1,287.
© Dukascopy Bank SA
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