XAU/USD Analysis: remains below 1,568.00
|XAU/USD
On Thursday, the XAU/USD exchange rate tried to surpass the 1,568.00 level. During today's morning, the rate was trading at 1,562.00.
Note that yellow metal is supported by the 55– and 100-hour moving averages, currently located at 1,559.00. Thus, it is likely that some upside potential could prevail in the market. It is unlikely that the rate could exceed the monthly R2 at 1,570.61.
On the other hand, gold could trade sideways against the US Dollar within the following trading session. Also, it is unlikely that the rate could breach the rising wedge pattern south due to the support provided by the 200-hour SMA.
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.