XAUUSD Analysis: Stuck near 1,329.70
|In line with expectations, yesterday the exchange rate did not manage to make any significant moves. From the top it was constrained by the 200-hour SMA, while from the bottom by the lower trend-line of a dominant ascending channel. From a general perspective, the rate is expected to continue to try to pave the path to the north, trying to reach by the end of the day at least the monthly R1 at 1,348.36.
A release of information on the US Core Retail Sales, similarly to the yesterday's update on inflation, most likely will cause notable volatility in the markets. However, even in case of a positive result the buck is not expected to drag the pair out of the above formation.
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.