XAU/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold has been appreciating steadily since the end of June, however, it seems it might have reach a tip point for the time being. Last rebound from  the pattern's boundaries left the pair trading in relatively narrow 3900 pip range for the past 7 days. Although medium term technicals give positive outlook on the pair it is worth pointing out that quite a few individual indicators give neutral outlook and only  1 'buy" signal this reading is different from "neutral" aggregate outlook. Taking this in to the account it seems that pair should remain in the mentioned range until it reaches pattern's support where we could expect to see a sell off.

© Dukascopy Bank SA
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