XAU/USD 4H Chart: Channel Down

Pair has been depreciating since the end of August. If not due to the 7000 pip rally on the 18th of September it is very likely we would have much longer pattern to work with. There was a 2 month rally before the mentioned depreciation of the pair, but once again Fibonacci retracements  does not seem to have any impact on the pair. Short term technicals give a rather clear indication about further bearishness of the pair. We could expect it to fall to the pattern's support with ease. Medium and long term technicals, however, suggest that the pair should stabilize. We expect this to happen once the pair reaches weekly S3.