XAU/USD Analysis: Pressured by 55-hour SMA
|XAUUSD
Yesterday, the XAU/USD exchange rate tried to surpass the support level formed by a combination of the monthly S1 and the Fibonacci 38.20% retracement at 1,275.00.
Given that the rate is being pressured by the 55-hour SMA, currently located at 1,277.32, it is likely, that some downside potential prevails in the market. A possible downside target is the 1,265.00/1,270.00 range.
On the other hand, the rate could trade sideways, trying to surpass the given resistance. It is unlikely, that the price for gold could surpass the 100-hour SMA at 1,282.99.
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.