XAU/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold has been depreciating against the greenback since October 4, when the pair inched up from 1,305, reached 61.80% Fibonacci retracement and began channelling down. The pair is currently trading around 1,272, more than 600 pips above the pattern's resistance line. Meanwhile, almost 70% of traders are holding long positions, while indicators on a hourly chart are sending "buy" signals. Hence, the short term outlook is bullish, and the pair is likely to hit the resistance line. However, in a longer term the continuation of the downtrend is expected, taking into account technical indicators on a 4H chart.
© Dukascopy Bank SA
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