XAU/USD 1W Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The long-term outlook on gold is bearish. However, the question remains whether there is going to be an upward correction over the next several months or the sell-off is only going to accelerate. The first scenario will be confirmed if the price gains a solid foothold above the dotted line, which may be extended back to 2012 highs. In this case the metal will probably rise to 1,250 dollars before the bears regain control. On the other hand, should the lower boundary of the channel and the 2010 low at 1,045 fail to withstand the pressure, XAU/USD will likely aim for the lowest level since 2009, namely 801 dollars. The sentiment in the SWFX market is perfectly neutral: 50% of positions are long and 50% are short.
© Dukascopy Bank SA
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