XAU/USD
On Wednesday, the price for gold skyrocketed the resistance level formed by the monthly PP at the 1,287.27 mark.
Given that the XAU/USD exchange rate is pressured by the 200-hour SMA, currently located at 1,284.88, it is likely, that some downside potential could prevail in the market, and gold could target the support level formed by a combination of the 55– and 100-hour SMAs circa 1,278.00.
If the given support level does not hold, it is expected, that the price for gold could fall to the Fibonacci 38.20% retracement at 1,273.68. Also, note, that the rate is trading near the upper boundary of the short-term descending channel, thus, it is unlikely, that some upside potential could prevail in the market.
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.
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