Dukascopy Bank Team
Dukascopy Bank SA
XAUUSD
Yesterday, the XAU/USD exchange rate tried to surpass the support level formed by a combination of the monthly S1 and the Fibonacci 38.20% retracement at 1,275.00.
Given that the rate is being pressured by the 55-hour SMA, currently located at 1,277.32, it is likely, that some downside potential prevails in the market. A possible downside target is the 1,265.00/1,270.00 range.
On the other hand, the rate could trade sideways, trying to surpass the given resistance. It is unlikely, that the price for gold could surpass the 100-hour SMA at 1,282.99.
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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