XAUUSD Analysis: Makes further advance
|Thursday’s trading session did not introduce massive changes to the pair’s movement, as bulls continued to dominate the yellow metal. As a result, the pair had pushed up to the 1295.32 mark by Friday morning. As apparent on the chart, the steepness of the rate’s upward move during the past few days has decreased, resulting in a breakout of the minor ascending channel early this morning. This factor could point to possible weakness. However, if the US Dollar is unable to recover from its recent weakness, Gold is likely to advance even further. The nearest resistance is set by the 23.60% Fibo retracement at 1302.32. Meanwhile, a possible downside target for this session could be the 1290.00 area, as the 55-hour SMA and the weekly R1 are located nearby.
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