XAU/USD: Descending Wedge or Channel?

29 Eki 2015

I've seen a few charts with XAU/USD trading within a channel. However, if I was to presume a temporary top was in and switch to a weekly chart a descending wedge seems a better fit. It also seems a better fit when flicking to the daily too. The only consideration is taking the two January candles which popped out as fakeouts, which I have no problem with as when I look at it being in a channel, it feels even more compromised with price action out of the channel. Time will tell......