XAU/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the third week of January the yellow metal has been losing its value by trading inside the bearish channel. However, a recent support was found about ten US Dollars below the major mark of 1,200. This level managed to provide XAU/USD cross with bullish momentum. As a result, it is currently approaching the pattern's resistance which is reinforced by monthly PP and weekly R1. Therefore, any move above the trend-line is unlikely, at least in short and medium-term. On the other hand, weekly technical indicators are bullish and more than 54% of SWFX traders are holding long opened positions, meaning that a bullish scenario for Gold is not completely off the table.
© Dukascopy Bank SA
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