XAU/USD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The yellow metal is simultaneously in three various channel patterns on the four hour chart. On a larger scale the bullion is in an ascending channel pattern, in which the metal has been since January and which has been discussed for a long time. On a medium term time-frame there is a channel down pattern, which moves gold from the large scale channel's upper trend line to the support line. Third and last is the short term descending channel, which formed, as the commodity descends from the middle scale channels resistance line to the lower trend line. Although, the metal is set to fall in accordance with the patterns, SWFX traders are expecting a surge, as 70% of them have placed buy orders on the yellow metal.
© Dukascopy Bank SA
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