XAU/USD analysis: Pressured by moving averages

Dukascopy Bank Team Dukascopy Bank SA

Gold

Yesterday, the XAU/USD exchange rate traded sideways in the 1,915.00/1,940.00 range. During Wednesday morning, the rate maintained its consolidation.

Given that yellow metal is pressured by the 55– and 100-hour moving averages near 1,930.00, it is likely that some downside potential could prevail in the market in the short run.

In the meantime, note that the exchange rate could gain support from the monthly PP at 1,907.07. Thus, it is likely that the price for gold could continue to consolidate.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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