Dukascopy Bank Team
Dukascopy Bank SA
XAUUSD
On Friday, the price for gold continued to diminish, surpassing the psychological level at 1,290.00.
Given that the XAU/USD exchange rate is pressured by the 55-, 100– and 200-hour SMAs, it is likely, that some bearish momentum continues to prevail in the market. A possible downside target is the lower boundary of the descending triangle pattern at 1,282.56.
It is the unlikely case, that bulls would prevail in the market in the short run, and the price for gold could jumped higher than 1,295.00 level due to the resistance of 55– and 200-hour moving averages.
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.
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