XAU/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The yellow metal is simultaneously trading in two ascending channel patterns. However, it is imperative to examine the short term channel. The bullion's price is also highly influenced by the Fibonacci retracement levels, which are measured by connecting the 2016 high and low levels. The short term ascending channel pattern is a representation of the commodity price's rebound and subsequent surge from the 38.20% Fibonacci retracement level, which is located at 1,219.35 level. The bullion is set to surge up to the 50.00% Fibonacci retracement level, which is located at 1,249.15, and that will occur in accordance with the ascending short term channel.
© Dukascopy Bank SA
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