XAU/USD 1W Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
At first it seemed as if gold was trading within a bearish channel. However, it is becoming increasingly clear that it is the falling wedge that is emerging, given the narrowing trading range. This suggests a growing chance of a break-out to the upside as we approach the apex of the figure. In the meantime, the price has just rebounded from the lower boundary of the pattern, which is now reinforced by the 2010 and 2015 lows, meaning there is likely to be a rally at least up to the last year's October high. If the precious metal manages to jump above the red trend-line, the next objective will be the 2015 high at 1,308. At the same time, a dip under 1,044 will give way for a prolonged sell-off, potentially down to 809 dollars.
© Dukascopy Bank SA
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