XAU/USD 4H Chart: Broadening Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a few days of sideways movement, Gold has finally bounced from the lower boundary of the bullish channel and started gaining value. At the moment the bullion is hovering at the level of 200-period SMA at $1,194 per ounce, which is also supported by the weekly pivot point at $1,190. Therefore, we assume this level we play a role of a good baseline for the XAU/USD cross in order to grow in the foreseeable future, potentially towards the upper trend-line of the pattern. This scenario is supported both by the majority of SWFX traders, who are holding long positions in 70% of all cases, as well as short-term technical indicators, which are pointing to the north.
© Dukascopy Bank SA
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