XAU/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold's appreciation was one of the main topics for speculation during the last several months. The XAU/USD soared more than 20,757 during this year, however, the latest performance is suggesting the appreciation can come to an end soon. Market sentiment is not so strong, while technical indicators on a 4H and daily charts are pointing at pair's depreciation. Additionally, just recently the pair has penetrated the lower trend line and has even reached a weekly S2. Pending orders, however, are pointing at further appreciation (75%), while indicators on a weekly chart are sending ‘buy' signals. Traders should be careful, as a penetration of the support line can be only a throwback.
© Dukascopy Bank SA
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