XAU/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In general, XAU/USD is still in search of the trend: for the time being the price is flat. Meanwhile, on the four-hour chart the outlook is bearish, since the price is trading right at the upper boundary of the downward-sloping channel. Accordingly, the base case scenario is a decline from 1,180 through the June low and down to the March low.
However, if the bulls keep pushing the exchange rate further and break the falling resistance line, the focus will shift to the supply area between 1,198 and 1,194, created by the monthly pivot point and 200-period SMA. Still, SWFX traders prefer to be long the precious metal: 75% of open positions are long.
© Dukascopy Bank SA
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