XAU/USD Analysis: Likely to tumble
|XAUUSD
On Wednesday, the XAU/USD exchange rate dropped to the psychological level at the 1,278.00 mark. During today's morning, the rate maintained south direction.
It is expected, that the price for gold could continue to decline. A potential downside target is the support level formed by the Fibonacci 38.20% retracement at 1,273.68.
From a technical point of view, it is unlikely, that gold could exceed the 1,279.58/1,282.75 range in the short term due to the resistance cluster formed by the 55-, 100– and 200-hour SMAs.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.