XAU/USD 1H Chart: Rectangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
XAU/USD has already confirmed the trend-lines of the 95-bar long rectangle for several times but the recent stab to the pattern's resistance may not lead to a usual retreat. The pair jumped above this formidable level two hours earlier and considering bullishness on the market – over 71% of all orders are placed to buy the bullion – we may witness an upward exit followed by a further escalation in the hours to come. To make this come true, the pair has to overcome 1,324.33/7.64 (daily R1; four-hour R1, R2) as well as 1,330.33/1.42 (daily R2; four-hour R3) that will open the way towards a three-month high of 1,335.00.
© Dukascopy Bank SA
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