XAU/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold is losing steam, and now it seems that the bullion is going to become a subject to a massive drop in value. Prices are being heavily influenced by growing US Dollar, as it has already managed to push the ounce price below $1,215. Potential losses are likely to persist, meaning we are expecting to see a slide in the direction of this week's first support at $1,199. Meanwhile, this level is offering some help to the pattern's downward trend-line, from which a new leg up should emerge ultimately. Meanwhile, daily technical indicators are 50% neutral and 50% bearish, but the general downward bias is seen very clearly. As for the SWFX market sentiment, here 59% of all positions are short on the haven metal.

© Dukascopy Bank SA
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