XAU/USD analysis: Revealed rising wedge pattern

Dukascopy Bank Team Dukascopy Bank SA

XAU/USD

Last week, the XAU/USD exchange rate revealed a rising wedge pattern. During Monday, the rate was trading at 1,775.00.

It is likely that some upside potential could prevail in the market, as yellow metal could gain support from the 55-, 100– and 200-hour SMAs in the 1,770.00/1,775.00 area. In this case the rate could target the 1,785.00/1,790.00 area.

Meanwhile, if the exchange rate fails to exceed the psychological level at 1,780.00, it is likely that gold could consolidate against the US Dollar in the short run.

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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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