XAU/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The yellow metal has been following a distinct upswing since late December when it dived under $1,200 per ounce. At the moment, the climb is developing within the limits of the 154-bar long channel up pattern. On March 3, XAU/USD managed to near a four-month high of 1,355.21 as bulls were predominating amid turmoil in Ukraine and negative jobs market data from the U.S. There are no indications that the precious metal may change direction in the hours to come. The SWFX data shows that over 73% of positions are long, while technical data sends mixed signals, pointing to strength in short term and weakness in medium term.
© Dukascopy Bank SA
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