XAU/USD Analysis: consolidated at 1,550.00

Dukascopy Bank Team Dukascopy Bank SA

XAU/USD

On Thursday, the XAU/USD exchange rate consolidated at the 1,550.00 level. During today's morning, the rate maintained its consolidation.

Note that yellow metal is squeezed by the 55-, 100– and 200-hour moving averages, currently located at 1,546.42 and 1,564.60 respectively. Thus, the rate could continue to trade sideways.

However, if the given support does not hold, it is likely that the price for gold could go downwards within the following trading session. In this case yellow metal could decline below 1,530.00.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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