XAU/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The price of gold has just dipped through the trend-line that had underpinned the rate since the beginning of Oct. Accordingly, we expect further depreciation of the metal. Bearish intentions of the bullion will be confirmed with a close beneath the 200-hour SMA, which is likely to be broken after a correction to 1,173, where the upper trend-line of the channel is reinforced by the daily and weekly PPs. If the recovery extends beyond the boundaries of the pattern, there are still notable supply areas at 1,178 (Oct 19 high) and at 1,184 (Oct 16 high). The SWFX sentiment, in the meantime, is neutral, as there is almost no difference between the longs (51%) and the shorts (49%).
© Dukascopy Bank SA
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