XAU/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The base scenario for gold implies an advance, after the current leg down is completed by the end of Monday. As it resumes growing up, the first major obstacle will be located between 1,257 and 1,261. Here gold is going to meet the weekly and daily pivot points, as well as the simple moving averages on all basic time frames. Success here will proclaim that market sentiment remains biased strongly in favour of the bulls, even though 57% of all open positions are held by the bears. A spike above 1,261 will reopen the pattern's upper edge at 1,286. In case the boundary is unable to cope with buying activity, the 1,300 mark will fall under bullish risk for the first time in 14 months.
© Dukascopy Bank SA
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