XAU/USD 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the moment, both medium and long-term expectations for the yellow metal are moderately negative. Taking into account technical indicators on all time-frames, they are currently sending bearish signals all across the board. Therefore, we should observe Gold trading downwards in the foreseeable future. On the other hand, in the near term we are likely to see some bullish development of the XAU/USD cross. Yesterday, the bullion bounced of the lower trend-line of the pattern and is now trading upwards. If it manages to breach the daily PP at 1,201 today, the pattern's resistance is supposed to be reached as soon as tomorrow. Meanwhile, 61% of traders are holding long positions on Gold.
© Dukascopy Bank SA
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