XAU/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The yellow metal is surging in an ascending channel, as the bullion recently broke out of a long term descending channel. Although, the large channel's upper trend line had not been tested much and was passed after two attempts. Recently the just mentioned trend line provided support to the commodity price, which confirms that gold is set to continue to surge. However, the surge might stop short near the 1,219.35 level, where the 38.20% Fibonacci retracement level is located at. The significant Fibonacci retracement levels are measured for this commodity price by connecting the 2016 low and high levels. Meanwhile, market sentiment indicates that the metal might go either way, as 53% of open SWFX positions are long.
© Dukascopy Bank SA
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