XAU/USD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The current gold's uptrend followed a two-week decline started in mid-March when the bullion approached a seven-month high of 1,390.54. At a time when the upswing commenced gold started to shape a rising wedge pattern that now is over 90-bar long.
The most traded precious metal is likely to prolong its winning streak in the hours to come given that more than 72% of market participants at the SWFX bet on appreciation of the metal. If these expectations come true, XAU/USD may breach the level of 1,314.57/8.04 (four-hour R1, R2; daily R1; pattern's resistance), above which a sharp rally is likely to take place.
© Dukascopy Bank SA
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