XAU/USD analysis: Could trade sideways

Dukascopy Bank Team Dukascopy Bank SA

XAU/USD

Since Wednesday, the XAU/USD exchange rate has been testing the 1,900.00 level.

It is likely that yellow metal could gain support from the 55-hour moving average near 1,889.79 and extend gains in the short run. Note that the rate could face the resistance level—the monthly PP at 1,909.25.

If the predetermined resistance level holds, it is likely that gold could trade sideways against the US Dollar 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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