XAU/USD Analysis: Passes 23.60% Fibo

XAUUSD

During Monday morning hours, the yellow metal broke through the resistance levels of the 55-hour simple moving average and the 23.60% Fibo to trade at 1,293.44. 

Most likely, the gold will keep surging towards the upper boundary of the descending pattern line at 1,297.00. Besides, the 23.60% Fibo and the 55-hour SMA will try to support the yellow metal during the trading session. 

Moreover, the yellow metal could be sure that it will not depreciate against the US Dollar due to a lack of any significant fundamental news which could affect the rate during the day!

XAUUSD

XAUUSD

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.