XAU/USD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
For the time being our outlook on gold is bullish. The price has recently broken a falling resistance line and established a high-quality ascending channel. Additionally, most of the near-term technical indicators are pointing upwards. Accordingly, we expect the rate to rebound from 1,215/1,214 and begin a downward correction only near the upper bound of the channel, namely near 1,221.50 dollars. However, should the bears manage push the precious metal below the immediate support, the daily S1 at 1,209 might not be enough to prevent further decline, which will then likely extend down to 1,200 dollars. There the daily S2 coincides with the May low and the violated on May 31 trend-line.
© Dukascopy Bank SA
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