XAU/USD Analysis: near 1,250 mark

Dukascopy Bank Team Dukascopy Bank SA

The yellow metal continues to surprise the bulls. The commodity price was reaching for the 1,250 mark on Friday morning. It was initially expected on Thursday that the metal will decline down to the lower trend line of a medium ascending channel pattern. However, as the metal fluctuated between the 100 and 55-hour SMAs, a fundamental event took place, which influenced the price of gold. As the ECB press conference took place, the massive buying of the Euro and simultaneous selling of the US Dollar caused a spill over. That resulted into the metal breaking the resistance of the 55-hour SMA. Due to that it can be observed on Friday morning that the bullion is most likely going to reach above the 1,250 levels on Friday, as there are no notable strong resistance levels, which might stop it.

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Dukascopy Bank Team

Dukascopy Bank SA

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