XAU/USD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold-greenback cross has been gradually narrowing its trading range (from 3800 pips on 11th of July to 1100 pips at the moment). As technicals do not give conclusive aggregate readings and the Stochastic indicator in the short term sends sell signal it is highly likely that the pair will remain in the boundaries of the pattern in the nearest future as well. However we should pay attention to the fact that the same reading is given by the Stochastic indicator in the medium and long terms. This should come as a strong indication about a possible sell off of the instrument.
© Dukascopy Bank SA
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