XAU/USD 1H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold is going to confront the weekly pivot point very shortly, where there exists an upside risk for the price. The main reason: the pivot point is backed by the 200-hour SMA at 1,248 and the daily S2. Failure to overcome this support will renew the bullish outlook somewhat earlier than expected. For that purpose, daily technical indicators are showing bullish signals at the moment. 
Nonetheless, there is a chance a full leg down will emerge eventually, with a drop down to 1,230 before a rebound. Such a scenario is shared by the 1H and 4H technical studies. Moreover, SWFX market sentiment continuously keeps favouring a correction over growth in about 60% of all cases. 
© Dukascopy Bank SA
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