XAU/USD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold is still trading inside the boundaries of the triangle pattern, even though it is nearing the apex of the pattern. The break-out will eventually happen in the next 24 hours, while technical indicators suggest the downward tendency will be in place in the near and medium-term. Therefore, risks of a bearish confirmation are increasing at the moment. XAU/USD is required to consolidate below 1,153 (weekly S1) to preserve losses. However, in the long run it will have to violate the next support at 1,149 (daily S2, weekly S1) in order to plunge further. In the meantime, market sentiment remains strongly bullish towards the metal, as 63% of all open trades are long.

© Dukascopy Bank SA
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