XAU/USD Analysis: Could target 1,350.00
|XAUUSD
On Wednesday, the XAU/USD exchange rate tried to surpass the resistance level formed by the monthly R2 at 1,333.67. During today's morning, the rate was testing the given resistance.
Note, that gold is supported by the 55-hour moving average, currently located at 1,329.01. Thus, the price for gold could surpass the given resistance and go upwards. A potential target is the 1,345.00/1,350.00 range.
On the other hand, the exchange rate could trade sideways around the given resistance level. From a technical perspective, it is unlikely, that the price for gold could drop lower than 1,319.79 due to the support level formed by the 100-hour SMA and the monthly R1.
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