XAU/USD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Yellow metal is surging, as it has formed an ascending channel pattern on the hourly chart against the US Dollar. At the moment, the metal has confirmed the patterns resistance line at 1,375.67 for the second time, and it is set to move lower to the pattern's lower trend line 1,337.56. However, on its way down the bullion has already found support in the newly formed monthly PP at 1,346.08 and rebounded for the moment. In addition, daily aggregate technical indicators forecast a surge for the commodity during today's trading session. Moreover, on the way down, the yellow metal would also find support in the 55-hour SMA at 1,342.57 and the weekly PP at 1.339.78.
© Dukascopy Bank SA
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