XAU/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most traded precious metal has been rebounding after a plunge under $1,200 per ounce in the very end of 2013 and since January 22 the bullion followed a pronounced upward trend that has been developing within limits of the wide channel up pattern. Recently, the yellow metal managed to attain a two-month high of 1,279.64 but it failed to consolidate at this peak and retreated to the pattern's support. Now gold is likely to continue rising from the lower boundary of the tunnel given bullishness on the market. More than 80% of market participants bet on further appreciation of the precious metal.
© Dukascopy Bank SA
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