XAU/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The recent movements in the yellow metal's price in accordance with a short term descending channel have done a big favor to the bullion's long term traders. During the move the borders of an ascending wedge pattern were confirmed. This changes the previous hypothesis of the existence of a lone uptrend line. In fact the line is the supporting line of the just mentioned pattern. Due to these factors combined it can be said that the bullion is set to continue the surge and gain new heights in the upcoming weeks. Moreover, this hypothesis is supported by the fact that traders of various marketplaces are still bullish on the yellow metal.
© Dukascopy Bank SA
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