XAU/USD Analysis: likely to edge higher
|The yellow metal is starting to weaken gradually against the US Dollar. Even though the middle of Wednesday’s trading session passed with no significant price changes, a strong hourly plunge of 0.78% allowed Gold to breach the 55– and 100-hour SMAs; the weekly PP and the monthly R1 surrendered several hours later. By Thursday morning, the rate was testing the 200-hour SMA. Given that the total daily losses yesterday was 0.9%, it is likely that bulls try to re-gain some lost positions in this session—a scenario that is likewise supported by north-tended technical indicators. The highest point for the following session could be the combined resistance of the 55– and 100-hour SMAs and the bottom boundary of the breached channel circa 1,355.00.
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