XAUUSD Analysis: Retreats after reaching above 1,320
|During the early hours of Wednesday’s trading session the yellow metal’s price began a slight decline. The decline started after the metal reached above the 1,320 mark and setting a new record.
All in all, the decline was expected, because such a record surge had only a slight chance of continuing.
Meanwhile, there are various signs that the surge of the commodity price will increase after a period of consolidation. The base for that from a technical perspective would be the combined support of a junior channel up pattern and the 55-hour simple moving average.
Interested in XAUUSD technicals? Check out the key levels
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