XAU/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering there is a bearish channel emerging in the hourly chart and the rate is right at the upper boundary of the pattern, gold is well-positioned for a sell-off. This decline could potentially extend down to 1,075 before there is a significant bullish correction within the channel.

Nevertheless, while the four-hour indicators are in favour of such a scenario, there are plenty of counter-arguments. First, there is a solid demand area around 1,090, created by the 200-hour SMA. Secondly, the hourly and daily studies are mostly pointing upwards. If XAU/USD manages to close above 1,095, the price will probably rise up to 1,110 dollars per ounce.
© Dukascopy Bank SA
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