XAU/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The yellow metal recently bounced off a strong psychological support level, which is represented by the 1,250 mark. By doing so the metal also confirmed the existence of a massive ascending channel pattern, which was previously for a few quarters thought to be a rising wedge. Moreover, the recent rebound of the bullion is occurring in a much smaller ascending channel pattern, and most recently the commodity price hit the channel's lower trend line at 1,263,50. Although, it is only a short term pattern, which might be disrupted by the movements of the various simple moving averages. The channel is surely not going to be in force for long, as a larger medium scale pattern will form and replace the now broken, medium scale triangle.
© Dukascopy Bank SA
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