XAU/USD Analysis: Passes small pattern line
|XAUUSD
During the previous trading session, the yellow metal depreciated against the US Dollar by 1529 pips or 1.14%. On Friday morning, the rate was supported by the 200-hour simple moving average at the 1,322.12 mark.
In regards to the near-term future, most likely, the 200-hour simple moving average will keep supporting the rate during the day. It is expected that the rate will stay at the 1,325.00 level.
However, the gold could pass through the 200-hour simple moving average at 1,322.12 to depreciate towards the medium pattern line at the 1,310.00 level.
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