XAU/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A failure to surpass 1,308 in the second half of January has eventually led to XAU/USD trading within the boundaries of a bearish channel. This fact implies negative bias with respect to the precious metal.
Gold is expected to target 1,200 in the coming weeks, while staying beneath the resistance trend-line (currently at 1,240). However, the technical indicators do not confirm a bearish view of the market, since most of them fluctuate at the neutral levels. Accordingly, it may take some time before the price erodes support at 1,217, where the weekly S1 level merges with the Feb 11 low. Then XAU/USD should set course for the monthly S1.
© Dukascopy Bank SA
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