XAU/USD analysis: Pressured by 55– and 100-hour SMAs

Dukascopy Bank Team Dukascopy Bank SA

XAU/USD

During Monday morning hours, the XAU/USD exchange rate bounced off the 1,810.00 level.

Given that yellow metal is pressured by the 55– and 100-hour moving averages in the 1,845.00 area, it is likely that some downside potential could prevail in the market, and the rate could re-test the 1,810.00 mark.

In the meantime, it is unlikely that some upside potential could prevail in the market, and the price for gold could exceed the resistance level—the Fibo 23.60%, located at 1,860.59.

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Dukascopy Bank Team

Dukascopy Bank SA

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