XAU/USD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The precious metal was forming a channel down pattern during more than a week. Having reached a three-month peak of 1434.14 on August 28, XAU/USD was gradually retreating until it touched an one-week low of 1374.81 that gave an impulse for appreciation, but the advance appeared to be short-lived, as the pair plunged below its 200-bar SMA and is trading under 20-bar SMA not far away from the four-hour support at 1388.91.
Despite a recent decline, market players remain bullish on the bullion, as almost 60% of them hold long positions in XAU/USD.
© Dukascopy Bank SA
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