XAU/USD Analysis: Is supported by 55-hour SMA
|XAUUSD
During the previous trading session, the gold depreciated against the US Dollar by 1304 pips or 1.04% to end the trading session at the 1,243.36 mark. On Thursday, the gold was recovering to trade at the 1,248.00 level.
Most likely, the yellow metal will surge upwards due to the support level of the 55-hour simple moving average. Moreover, it expected that the rate could reach the 1,254.00 level during the day.
On the other side, the gold might trade sideways to stay at the 1,248.00 level.
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