XAU/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The ascending channel gold is forming at the very end of its four-hour chart might be deceiving, as the price is in fact trading right at the upper edge of another, more senior channel. Accordingly, we do not expect the green trend-line to guide the bullion north for much longer. And while we do not rule out a rally from 1,111/1,108, there is a low probability of the price advancing beyond 1,128 dollars. Instead, the rate is expected to violate the support line, which in turn will open up a path to 1,085/1,084, where the precious metal is to probe demand area created by the monthly R1, 200-period moving average, and the lower boundary of the two-month channel.
© Dukascopy Bank SA
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