XAU/USD Analysis: Likely to decline

Dukascopy Bank Team Dukascopy Bank SA

XAU/USD

During Tuesday's trading session, the XAU/USD exchange rate breached the descending triangle pattern south and reached the support level formed by a combination of the monthly S1 and the Fibo 38.20% at 1,274.13.

If the given support level holds, it is likely that the price for the gold reverses north and tries to surpass the resistance cluster formed by the 55-, 100– and 200-hour SMAs in the 1,283.16/1,293.85 range.

Otherwise, it is expected, that the rate continues to trade down. In this case, the price for gold could reach the psychological level at 1,270.00.

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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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