XAU/USD analysis: Revealed rising wedge pattern

Dukascopy Bank Team Dukascopy Bank SA

XAU/USD

Yesterday, XAU/USD exchange rate revealed a rising wedge pattern. During Friday morning, the rate was testing the upper pattern line.

From a theoretical point of view, it is likely that the exchange rate could continue to trade within the given pattern within the following trading session.

On the other hand, it is likely that yellow metal could gain support from the 55– and 100-hour SMAs near 1,955,00 and a breakout north could occur. In this case the price for gold could target the 2020.00 level.

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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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