XAU/USD 1D Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since XAU/USD approached 1,400 in March, the bears have been in control of the market—the price has declined beneath the 1,250 level. However, considering there has just been a successful test of the lower boundary of the emerging downward channel, in the near-term the gold should prove to be bullish. The rally is expected to reach 1,300 before making a U-turn and resuming the decline. Nevertheless, the probability of a dip in the nearest future is significant—the weekly and monthly technical indicators are pointing downwards, meaning the Gold-long positions are associated with elevated risk and decreased potential for gains.
© Dukascopy Bank SA
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