XAU/USD analysis: Revealed descending channel

Dukascopy Bank Team Dukascopy Bank SA

XAU/USD

Yesterday, the XAU/USD exchange rate revealed a short-term descending channel. During Tuesday morning, the rate was trading at 1,800.00.

From a theoretical point of view, it is likely that the rate could re-test the lower channel line circa 1,791.00 in the nearest future.

Note that yellow metal is pressured by the 55– and 100-hour SMAs near 1,804.00. Thus, it is likely that the rate could trade along the lower channel line in the nearest future.

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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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