XAU/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most popular precious metal is attempting to rebound after severe losses in the last trading sessions of 2013. After a dive below the psychologically important level of $1,200 per ounce in the New Year's Eve the yellow metal changed direction and on January 8 XAU/USD embarked on formation of the channel up pattern. The corridor now is still relatively short, only 73-bar long, but it has high chances to be continued. Market sentiment is strongly bullish, with 72.10% of market participants betting on a further climb of the bullion, moreover, technical indicators are sending bullish signals for short, medium and long terms.
© Dukascopy Bank SA
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