XAU/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most popular precious metal did not manage to consolidate above the upper trend-line of the 275-bar long channel up pattern in the beginning of the week. After that, the bullion commenced a decline and now it is trading near the lower limit of the tunnel that sits close to a three-week low. Negative fundaments were the chief reason behind the downswing as the Fed officials signalled that the rates may be raised next year along with a gradual reduction of the stimulus programme. However, market players seem to have not lost faith in the metal, with over 80% of positions being long.
© Dukascopy Bank SA
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