XAU/USD Analysis: Could stay at 1,300.00

Dukascopy Bank Team Dukascopy Bank SA

XAUUSD

During Wednesday's trading session, the rate surged to the 1,310.00 level as it was predicted. On Thursday morning, the yellow metal dropped to the 1,298.32 mark, passing through the support levels of the 55-hour and the 100-hour simple moving averages.

In regards to the near-term future, most likely, the monthly S1 at 1,295.12 will support gold to trade sideways at the 1,300.00 level for the rest of the trading session.

Besides, the 200-hour simple moving average might also support the yellow metal from the fall.

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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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