XAU/USD analysis: Tests 200-hour SMA

Dukascopy Bank Team Dukascopy Bank SA

XAU/USD

Yesterday, the XAU/USD exchange rate jumped to the 1,965.00 level. During Friday morning, the rate was testing the support provided by the 55-, 100– and 200-hour SMAs in the 1,940.00 area.

If the given support holds, it is likely that some upside potential could prevail, and the price for gold could target the monthly PP located at the 1,969.20 mark.

On the other hand, the yellow metal could trade sideways against the Greenback near the predetermined support in the short run.

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Dukascopy Bank Team

Dukascopy Bank SA

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