XAU/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The yellow metal continues to trade in a medium term ascending channel. Most recently the bullion encountered short term resistance and retreated to the large scale 50.00% Fibonacci retracement level at 1,211.69, where it found support. The Fibonacci retracement levels for the metal are measured by connecting the 2015 December low level with the 2016 August high level. From a technical perspective the bullion is set to continue its surge, as there seem to be no clues that would indicate at the opposite. However, traders have to watch out for fundamental events, which might impact the yellow metal, as from a fundamental analysis perspective the bullion's surge has been caused by the recent uncertainty of US fiscal policy.
© Dukascopy Bank SA
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