XAU/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In course of last two trading weeks, Gold has been increasingly volatile. However, starting from April 21 the bullion managed to establish more stable trend, this time the one to the downside. At the moment the metal is hovering just near the upper trend-line of the bearish channel pattern. Therefore, there are more chances for a sell-off in the foreseeable future. Additional pressure on Gold should come from 100-hour SMA at 1,195. Judging from 4H and daily technical indicators, a potential decline should extend down to the pattern's support, in case XAU/USD succeeds in crossing the weekly S1 at 1,190. Meanwhile, traders remain bullish on Gold's perspectives in 74% of cases.
© Dukascopy Bank SA
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