XAU/USD Analysis: Breached ascending triangle pattern
|XAU/USD
On Thursday, the XAU/USD exchange rate breached the ascending triangle pattern north. During today's morning, the rate was trading near the resistance level at 1,740.00.
If the given resistance level holds, it is likely that a reversal south could occur, and yellow metal could depreciate against the Greenback.
Meanwhile, it is unlikely that the rate could decline below the 1,707.00/1,719.00 range due to the support formed by the 55-, 100– and 200-hour SMAs.
If the given resistance does not hold, it is likely that gold could appreciate against the US Dollar in the short run.
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