XAU/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following unusually calm year 2014, in January of this year gold began rising in price quite substantially. Since January 1 the XAU/USD cross gained around $100 and the bullish tendency is likely to persist both in the short and medium-term. The present pattern, however, looks more like the rising wedge, being that trading range is getting narrower every day. If the precious metal manages to make an upside break-out by breaching a resistance at 1,302 represented by pattern's trend-line and weekly R1, we should see a further strong rise. The medium-term goal is located at 1,324 (weekly R2/monthly R3) and is also supported by technical studies on all time-frames and 68% of SWFX traders.
© Dukascopy Bank SA
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