XAU/USD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Gold has been trading in an uptrend since the first part of the previous week. Yesterday the price touched the 1,128 mark, which led to a correction on Thursday. XAU/USD has some space to descend even more in course of the next 24 hours, even though technical indicators are bearish only in the 1H time frame. Market sentiment provides no clear signals for the moment, but the share of bulls has been gradually falling down and reached 53% this morning. Any drop below the green trend-line will refocus attention to a cluster of supports at 1,112/09. In case this one is eroded, then the next demand will be offered by 200-hour SMA at 1,103. Alongside, bullish rebound will meet its first supply at 1,124 (weekly R2).
© Dukascopy Bank SA
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