XAU/USD Analysis: Is located between the SMAs

Dukascopy Bank Team Dukascopy Bank SA

XAU/USD

The gold price appreciated 0.19% since Tuesday's trading session. The yellow metal was located between the simple moving averages during the Wednesday's morning hours.

In regards to the near future, most likely, the XAU/USD will move downwards due to the 200-hour and the 100-hour SMAs resistance's. Moreover, if the rate will go below the weekly PP, the rate will lose support until the 1,1547 level.

However, the monthly PP at the 1,1956 mark may give support to the currency to push it upwards passing through the SMAs to meet the bottom boundary of the ascending medium channel at the 1,2020 level.

Interested in XAUUSD technicals? Check out the key levels

1. R3 1214.43
2. R2 1206.93
3. R1 1202.58
PP 1195.08
1. S1 1190.73
2. S2 1183.23
3. S3 1178.88

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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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