XAU/USD 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having hit a two-month high of $1,279.62 per ounce on January 26, XAU/USD started to shape a descending triangle pattern.
Currently the yellow metal is vacillating in the relatively narrow trading range, meaning that triangle apex is approaching. The overall picture looks bullish for the most traded precious metal as over 72% of market players hold long positions. However, to materialize this outlook, the metal has to penetrate formidable resistance at 1,246.07 (50-hour SMA, daily pivot point) and then it may target the level of 1,247.58/9.17 that is the last defence from a bullish breakout.
© Dukascopy Bank SA
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