XAU/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold is setting eye on the November 18 low at 1,064 and bears are in a good position to push the price considerably downwards. A drop below the mentioned level will be more difficult to achieve, taking into consideration a dense demand at 1,062/61, which consists of weekly S1 and daily S3. Long-term bearish goal is located at 1,055, represented by the bearish pattern's lower boundary. Both technical indicators and market sentiment are favouring a decline of the gold price. The former are giving "sell" signals on hourly and daily time frames. As for SWFX sentiment, the majority (72%) of traders are keeping long positions on the bullion. It proclaims that there is extra space for bears to come into the market.
© Dukascopy Bank SA
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