XAU/USD analysis: Supported by 55 and 100-hour SMAs

Dukascopy Bank Team Dukascopy Bank SA

XAU/USD

Yesterday, the XAU/USD exchange rate broke the lower line of the rising wedge pattern. During Tuesday morning, the rate was testing the support provided by the 55-hour SMA near 1,973.00.

It is likely that yellow metal could gain support from the 100-hour moving average near 1,966.00 as well. Thus, it is likely that some upside potential could prevail in the market.

Meanwhile, note that the rate could face the resistance at the 1,990.00 level. Thus, it is likely that the price for gold could consolidate 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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