XAU/USD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold has been on a down-trend already since the 21st of October, following a period of bullish correction in the first part of the month. The decline has also helped to form a 189-bar long bearish channel.
Yesterday the yellow metal reached the weekly and monthly S1 at 1,139.97/1,137.90, respectively. However, the metal was not ready to dip below this level and accordingly that led to a slight rebound. Nonetheless, the daily and weekly technical studies are rather confident of bullion falling lower, even though currently it has dropped to the lowest level since April 2010. The sentiment is slightly bullish, with 54.61% of the traders' expecting gold to reverse the losses.
© Dukascopy Bank SA
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