XAU/USD 1H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The yellow metal is prolonging its winning streak started in the very beginning of April when XAU/USD reversed its trend after a two-week decline from the seven –month high of 1,389.86 attained in mid-March. Now the climb is developing between two upward sloping and gradually diverging lines which form a 93-bar long broadening rising wedge pattern.
In the hours to come, the precious metal is likely to continue gaining ground as almost 70% of market participants are bullish on the instrument.
© Dukascopy Bank SA
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