XAU/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After numerous requests by Dukascopy traders, a review of the yellow metal is published as a Trade Pattern Idea. The bullion is simultaneously in two ascending channels. The medium term channel is a representation of the metal's rebound against the 23.60% Fibonacci retracement level at 1,182.48 and the lower trend line of the long term ascending channel at 1,181.02. Most recently the bullion confirmed the medium term patterns upper trend line and retreated to rebound once more. Regarding the future outlook, the commodity price is set to surge next up to the 38.20% Fibonacci retracement level at 1,219.35. However, the retracement level is not likely to provide strong resistance to the bullion.
© Dukascopy Bank SA
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