XAU/USD Analysis: Descending triangle in sight


During the previous trading session, the price for gold reached the lower boundary of the descending triangle pattern at 1,282.56.  

From a theoretical point of view, the XAU/USD exchange rate should reverse north and continue going up. However, the rate has to surpass the resistance formed by the 55-hour SMA, currently located at 1,289,40.  

If the given pattern does not hold, it is likely, that a breakout south occurs in the nearest future, and the price for gold surpasses the psychological level at 1,280.00.



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.