XAU/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold has been steadily appreciating against the greenback since December 31. Therefore, a 214-bar long channel up pattern formed on a 4H chart is indicating a strength of the upside movement. Moreover, the outlook for the pair is bullish, taking into account that almost 66% of opened positions are long, while aggregate technical indicators on a 4H and daily chart are sending ‘buy' signals. What is more important, is the fact that vast majority of pending orders are placed to buy the gold versus the greenback. While the pair is projected to hit 1349.85, bearish scenario should not be excluded as well. Hence, a move below 1323.19 will put 1307.78 on the map.
© Dukascopy Bank SA
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