XAU/USD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the beginning of the year, the yellow metal has been gradually appreciating and in the first days of February it embarked on formation of the channel up pattern that now is 264-bar long.
While being locked in the bullish tunnel, the most traded precious metal managed to attain more than a three-month high of $1,332.64 but now gold is trading at $1,324.51, slightly below the recent high. However, given bullishness on the market (over 74% of all positions are long) as well as positive fundamentals (physical demand across the globe is rising), the precious metal is strong enough to prolong the rally in the days to come.
© Dukascopy Bank SA
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