XAU/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the beginning of this year gold has been steadily appreciating against the greenback, performing a 17,230-pip rally. Bullish movement, however, is running out of steam, as recently the pair was unable to move above weekly R1 and pulled back to weekly S1. Until the pair is moving in a 2,700-pip range between these level, the outlook is unclear. Technical indicators, however, are supporting the case the pair will climb to a recent high once again. Moreover, almost 68% of the traders are holding long positions, expecting another rally. In case the pair breaches weekly R1, the next stop will be located at weekly R2 and pattern's resistance around 1,367.33.
© Dukascopy Bank SA
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