Dukascopy Bank Team
Dukascopy Bank SA
XAUUSD
On Thursday, the XAU/USD exchange rate traded sideways around the monthly R2 located at the 1,333.67 mark.
Note, that the rate is supported by the 55-hour moving average, currently located at the 1,333.27 mark. Thus, it is likely, that bulls could prevail in the market in the short term. A possible upside target is the psychological level at 1,345.00.
From the technical perspective, it is unlikely, that the price for gold could decline, as it is supported by the 100-hour SMA at 1,328.28. However, if the given support does not hold, gold could drop to the monthly R1 at 1,319.79.
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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