XAU/USD tests dominant channel down

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 55% 54% 1.82%
Shorts 45% 46% -2.22%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Sell Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Neutral Neutral
SAR (0.02; 0.2) Buy Buy Sell
Aggregate

In result of the surge that was triggered by two disappointing macroeconomic data releases as well as the rising 55- and 100-hour SMAs the price of yellow metal ended up at the 1,273.00 mark.  

The further advance seems unlikely, as the exchange rate faces resistance formed by the monthly PP and the upper trend-line of a four-month long dominant descending channel that supposedly started to transform into rising wedge formation. 

However, the overall market sentiment as well as allocation of pending orders suggest that rise of the bullion might continue. In case the pair crosses the above barriers, it will be free to climb up to the 1,287.15 level, which represents location of the 100-day SMA.

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