During the previous trading session, the XAU/USD exchange rate skyrocketed to the upper boundary of the short-term ascending channel at 1,427.02. During Thursday's morning, the rate was trading near the given line.
From a theoretical point of view, it is likely, that a reversal south could occur within the following trading hours. Note, that gold could be supported by the 55-, 100– and 200-hour SMAs, located circa 1,405.00.
On the other hand, the rate could trade sideways along the given channel line. Also, it is unlikely, that the price for gold could exceed the 1,425.00 mark due to the upper boundary of the long-term ascending channel.
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.