XAU/USD Analysis: Trades sideways at 1,310.00

Dukascopy Bank Team Dukascopy Bank SA

XAUUSD

During the previous trading session, the yellow metal passed through the support level of the monthly pivot point at 1,308.46. On Tuesday morning, the gold took the support of the monthly PP to break the resistances of the 55-hour and the 100-hour simple moving averages to trade at the 1,312.80 mark.

In regards to the near-term future, most likely, the yellow metal will trade sideways between the simple moving averages at the 1,310.00 level.

On the other hand, the 200-hour simple moving average could resist the gold to push the rate to the 1,305.00 level.

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Dukascopy Bank Team

Dukascopy Bank SA

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