XAU/USD Analysis: Trades to S2 at 1,276.65 mark

Dukascopy Bank Team Dukascopy Bank SA

XAUUSD

On Tuesday, the yellow metal traded sideways to stay in the range of the 23.60% Fibo and the monthly S2. During Wednesday's morning hours, gold was resisted by the 23.60% Fibonacci retracement level to trade at the 1,286.31 mark.

In regards to the near-term future, most likely, the yellow metal will keep depreciating against the US Dollar towards the monthly S2 at 1,276.65. Besides, the 55-hour simple moving average will resist the rate during the day!

On the other hand, today's US Crude Oil Inventories data release at 15:30 GMT could push gold to appreciate against the US Dollar to 1,290.00 level.

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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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