XAU/USD 4H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
This is the seventh week gold consolidates within a triangle. In fact, the price is approaching the apex of the pattern, meaning we should prepare for a breakout. Considering that the triangle emerged after the Jun 2—Jul 5 up-move, the upside risks are greatly increased. A rally appears even more probable because of the technical indicators, where bullish signals dominate in every relevant timeframe. Accordingly, our base scenario is a close above the red trendline, which is currently at 1,358, and an advancement towards the upper bound of the nine-month channel that lies between the 1,430 and 1,440 levels. Meanwhile, SWFX sentiment is neutral, with 47% of positions being long and 53% short.
© Dukascopy Bank SA
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