XAU/USD 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
XAU/USD opened this week with large upside gap, but since Monday the bullion has been trading in a down-trend, as resistance at 1,223 proved to be impenetrable. Being that at the moment the price is fluctuating just beneath the formidable resistance area around 1,197, created by the daily and weekly PP together with the trend-line, the outlook is strongly bearish. The value of gold is expected to drop below 1,194 dollars, and it should keep falling until the price reaches 1,185, where we can already expect a pronounced upward correction. However, the SWFX market participants are mostly bullish the precious metal. Right now 69% of open position are long.
© Dukascopy Bank SA
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