XAU/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold has been in a stable down-trend since the end of January, when price of the precious metal reached $1,300 per ounce. Since then, the bullion lost more than $150 and formed a bearish channel on a four-hour chart. Moreover, despite bouncing off the lower trend-line last week, the recovery is unlikely to  be sustainable, provided there is a strong resistance area at 1,173 (weekly R1; monthly S1). Moreover, both short and medium-term technical indicators are sending signals to sell Gold. On the other hand, 72% of all SWFX market participants suggest the yellow metal will gain value in long-term, supported by weekly studies, five of which are bullish for the time being.
© Dukascopy Bank SA
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