XAU/USD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold has been appreciating against the greenback since the beginning of the year and on February 13 the XAU/USD pair has formed a rising wedge pattern that is usually formed on a bullish market. The pair is currently trading around pattern's support and a 200-hour SMA that are likely to hold pair's depreciation in the nearest future. Moreover, market sentiment (57%) and technical indicators on a daily chart are suggesting the pair will continue moving higher. As the outlook is bullish, long traders should focus on a weekly R1 at 1335.39, while level can be found at a weekly R2 and a recent high at 1346.39. One more fact that supports bullish outlook is 66% of pending orders.
© Dukascopy Bank SA
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