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.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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