XAU/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the first half of January the precious metal has appreciated by nearly 8%. Considering the price has formed a bullish channel during this time, there is a high likelihood gold is going to keep rising in value. This scenario is also reinforced by the technical indicators on three most relevant time-frames. However, in the short run we expect a correction, being that XAU/USD has just encountered the upper trend-line of the pattern. The dip should be limited either by the weekly PP at 1,260 or by the rising support line at 1,250. As for the sentiment, the bulls have a slight advantage over the bears—16 percentage points.
© Dukascopy Bank SA
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