XAU/USD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is potentially a bearish channel appearing on the hourly chart of XAU/USD. Right now the metal is gaining in value, but in order to confirm the pattern it must make a U-turn at 1,303.43, where the daily R3 merges with the down-trend. Though before that the bullion will have to climb over the long-term moving average and daily R1 at 1,295.93. Then the price will be in a good position to drop below the Aug 1 low and will probably reach the lower boundary of the channel at 1,275.57 afterwards, as suggested by the four-hour and daily technical indicators. However, the sentiment of the SWFX traders is distinctly bullish—61% of open positions are currently long.
© Dukascopy Bank SA
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