XAU/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Positive SWFX market sentiment (72%) with respect to gold is being offset by extremely strong US Dollar, which is driving the precious metal considerably to the downside. We expect no change in the direction of the bullion at least until the next working week. After crossing weekly S1 and daily pivot point at 1,073 the bears are aiming at next daily and weekly supports at 1,063/62. Success here will imply a next round of losses down to the pattern's lower boundary at 1,050. Both 4H and daily technical indicators project losses for gold. It proclaims that we can assume that bearish tendency will prolong beyond the trend-line. Bears will be looking at 2010 low, which is placed slightly above the round mark of 1,040.
© Dukascopy Bank SA
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