XAU/USD Analysis: Squeezed by 55– and 100-hour SMAs

Dukascopy Bank Team Dukascopy Bank SA

XAU/USD

During the previous trading session, the price for gold declined to the support level formed by the 100-hour SMA at 1,421.87.

During Monday's morning, the XAU/USD exchange rate was trying to surpass the resistance formed by the 55-hour SMA at 1,430.36.

If the given moving averages hold, it is expected, that the rate could trade sideways in the nearest future.

Otherwise, it is likely, that gold could surpass the given resistance and appreciated against the US Dollar. It is unlikely, that the rate could exceed 1,450.00 due to resistance of the upper line of the long-term ascending trend.

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Dukascopy Bank Team

Dukascopy Bank SA

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