Dukascopy Bank Team
Dukascopy Bank SA
XAUUSD
Yesterday, the XAU/USD exchange rate traded sideways around the 55-hour moving average, currently located at the 1,297.25 mark.
From a theoretical point of view, it is likely, that the price for gold could decline, as it should target the lower boundary of the short-term ascending channel. However, the rate has to surpass the 100-hour SMA at 1,293.57.
If the given support level holds, it is likely, that gold could trade sideways between the given moving averages. Also, it is unlikely, that the rate could breach the given channel south due to the 200-hour SMA at 1,288.41.
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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