XAU/USD Analysis: Will surge
|XAUUSD
The gold price appreciated 0.60% since Wednesday's trading session. The yellow metal fit back into the medium ascending pattern during the previous session.
The rate passed all technical indicators on Wednesday session. In regards to the near future, the rate will move upwards to the 61.80% Fibonacci retracement level or it will reveal reference points to draw a new pattern.
However, gold may pass through the medium channel line to retrace back to the 1,200.00 mark. The rate has no support level to thwart such a move.
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.