XAU/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After attaining a two-month low of 1,298.07 on April 24, gold changed its trend and entered an upward sloping corridor, inside which it is vacillating at the moment.
Now the most traded metal is sitting not far away from a one-month high of 1,315.95 and is likely to re-approach this peak given that over 75% of market participants are bullish on the yellow metal. Technical indicators also are more in favour of a future climb and considering strong fundamentals, we are likely to witness a continuation of the current trend.
© Dukascopy Bank SA
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