XAUUSD Analysis: Struggles to break through MAs
|As it was expected, lack of an upside momentum did not allow the pair to surge above the 1,282.00 level. Nevertheless, these attempts are expected to resume. First of all, two days ago the exchange rate made a rebound from the bottom trend-line of a large ascending channel, which implies the subsequent advance in the opposite direction. Second, yesterday’s movement defined the boundaries of a new junior ascending channel, which is expected to provide an additional support for successful breakout through the 55- and 100-hour SMAs. Third, there will be a release of data on the US Core Durable Goods Orders, which are projected to decrease this, thus leading to deprecation of the Dollar. Finally, 63% of traders keep bullish outlook on the price of yellow metal.
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