XAU/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The yellow metal has been retreating since it approached a three-month high of 1434.06 on August 28. The decline accelerated after the bullion crossed its 200-hour SMA for the second time since the pattern started; this drop brought a two-week low of 1362.35 back to the fore. A stab to this level allowed XAU/USD regain some strength for recovering to 1376.34, the level just below 20-hour SMA. Being bounded by two downward-sloping lines, the precious metal may continue declining. However, traders do not support bearish outlook as 62% of them bet on a price increase. Meanwhile, technical indicators are mostly neutral for the short and long-term.
© Dukascopy Bank SA
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