XAU/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In its movements and almost flat fluctuations the yellow metal has formed a only recently noticeable channel down pattern, as the metal rebounded against the pattern's lower trend line at around the level of 1,318. The pattern's lower trend line is also supported by the second weekly support line at 1,320.91. On the way to the pattern's upper trend line the metal is facing three resistance levels, as the 55-hour SMA is at 1,327.14, 100-hour SMA is at 1,332.19 and there is the first weekly support level at 1,329.31. However, the weekly supports will soon be obsolete, as the week is coming to an end. In the meantime, the daily aggregate technical indicators forecast a fall of the commodity and the SWFX trader sentiment is uncertain, as 51% of open positions are short. Due to that, the metal is most likely to struggle in its northwards path.
© Dukascopy Bank SA
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