XAU/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
As it has just turned out, the upper boundary of the descending channel failed to contain the latest recovery. The price is now probing the long-term moving average, which appears to be one of the last reasons to remain bearish on gold. If resistance at 1,069 is broken, the exchange rate will likely rise through the weekly R1 towards the December 24 high at 1,077.

At the same time, in case the bears manage to push the bullion back below 1,066 (weekly and monthly PP), the negative outlook will be restored, and after a test of the December 31 low the sell-off will be expected to extend to 1,054, where the lower trend-line merges with the weekly S1 level.
© Dukascopy Bank SA
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