XAU/USD analysis: Dropped to 1,870.00

Dukascopy Bank Team Dukascopy Bank SA

XAU/USD

On Wednesday, the XAU/USD exchange rate breached the short-term descending channel south and dropped to the 1,870.00 mark.

From the one hand, it is likely that some upside potential could prevail in the market. In this case yellow metal could face the resistance area formed by the 55-, 100– and 200-hour SMAs, as well the monthly PP in the 1,895.00/1,909.25 range.

From the other hand, it is likely that the exchange rate could face the resistance at the 1,885.00 mark. Thus, gold could trade sideways against the US Dollar within the following trading session.

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Dukascopy Bank Team

Dukascopy Bank SA

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