XAU/USD Analysis: trades at 1,470.00

Dukascopy Bank Team Dukascopy Bank SA

XAU/USD

On Thursday, the XAU/USD exchange rate breached the medium-term ascending channel south. During today's morning, the rate was trading at the 1,470.00 level.

Given that yellow metal is pressured by the 55-, 100- and 200-hour moving averages, it is likely that some downside potential could prevail in the market. In this case, the price for gold could surpass the 1,460.00 level.

However, note that the exchange rate could gain support of the Fibonacci 23.60% retracement at 1,462.89. If the given level holds, gold could consolidate against the Greenback in the short term.

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Dukascopy Bank Team

Dukascopy Bank SA

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