XAU/USD 30M Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold inevitably surged due to the approaching US election, as investors expressed the uncertainty that has been prevailing in markets recently. A monthly high of 1306.97 sent the pair packing to continue its way between the channel lines, possibly setting 1295.56 as the next target. This is not, however, carved in stone - while the channel has not experienced any serious tests or false breakouts, the pair has just formed a double top with a neckline at 1296.55, meaning that a close below could send strong bearish signals, and a violation of the channel bottom trend-line at 1295.56 might follow. We will, therefore, look for signals at 1296.55 to determine the general direction of a future trend.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.