XAU/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold has been trading downwards in a narrow channel and the outlook remains negative for the time being. In the short-term we see the prices failing again, as soon as they approach the upper boundary at 1,233.76. Considering that the edge is backed by the weekly S1, daily R2 and 100-hour SMA, the likelihood of the fresh sell-off is quite high. Under the base scenario we would expect a drop in the direction of the 1,210 area, namely the green downtrend. On the other hand, some anomalies with price movements are not completely off the table, given that the area of 1,206-1,243 is fully packed with various important technical levels. Moreover, the SWFX sentiment is completely undecided today.
© Dukascopy Bank SA
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