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.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.