XAU/USD analysis: Tests monthly PP
|XAU/USD
The XAU/USD exchange rate continued to trade within the rising wedge pattern. During Wednesday morning, the rate was testing the monthly PP at 1,969.20.
From a theoretical perspective, it is likely that yellow metal could continue to appreciate against the US Dollar within the given pattern in the short term.
However, if the predetermined resistance level holds, it is likely that a breakout south could occur, and the price for gold could decline to the 200-hour SMA near 1,942.00.
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