XAU/USD analysis: Could consolidate

Dukascopy Bank Team Dukascopy Bank SA

XAU/USD

Yesterday, the XAU/USD exchange rate raised to the 2,070.00 level. During Friday morning, the rate was trading at 2,060.00.

It is likely that yellow metal could gain support from the monthly R1 at 2,056.09 and extend gains against the US Dollar in the short run. In this case the rate could target the 2,100.00 level.

In the meantime, if the exchange rate fails to exceed the 1,080.00 mark, it is likely that gold could trade sideways against the Greenback within the following trading session.

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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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