XAU/USD 4H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Soon after the bullion failed to rally above 1,345.44 this July, the bears took control of the market and forced the exchange rate to decline almost to 1,200. And even though the daily and weekly technical indicators imply further depreciation of the metal, there are signals the sell-off may soon give way for a recovery, such as an emergence of a falling wedge pattern and the price closing in on the 2012 Jul low. In case the upper down-trend at 1,224.23 is breached, XAU/USD will have a good opportunity to reach the weekly R3 and 200-period SMA at 1,263. From there the bulls can already challenge the Aug 28 high at 1,297.
© Dukascopy Bank SA
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