Dukascopy Bank Team
Dukascopy Bank SA
The exchange rate failed to sneak below the combined support formed by the lower trend-line of a junior ascending channel and the 200-hour SMA. In other words, bulls made one more, though unsuccessful, attempt to push the bullion through the upper boundary of a dominant descending channel. In larger long run, the pair is still expected to make a fully-fledged rebound from this boundary even though the current horizontal movement might last for another two weeks because of the 61.8% Fibonacci retracement level at 1,311.48. On hourly chart a combination of the weekly PP, the 55- and 100-hour SMAs most probably will prevent the pair from falling below the 1,316.00 mark during this trading session. However, this scenario might be altered due to fundamentals, such as the US PPI.
Interested in XAUUSD technicals? Check out the key levels
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.
Recommended Content
Editors’ Picks
AUD/USD risks a deeper drop in the short term
AUD/USD rapidly left behind Wednesday’s decent advance and resumed its downward trend on the back of the intense buying pressure in the greenback, while mixed results from the domestic labour market report failed to lend support to AUD.
EUR/USD leaves the door open to a decline to 1.0600
A decent comeback in the Greenback lured sellers back into the market, motivating EUR/USD to give away the earlier advance to weekly tops around 1.0690 and shift its attention to a potential revisit of the 1.0600 neighbourhood instead.
Gold is closely monitoring geopolitics
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Bitcoin price shows strength as IMF attests to spread and intensity of BTC transactions ahead of halving
Bitcoin (BTC) price is borderline strong and weak with the brunt of the weakness being felt by altcoins. Regarding strength, it continues to close above the $60,000 threshold for seven weeks in a row.
Is the Biden administration trying to destroy the Dollar?
Confidence in Western financial markets has already been shaken enough by the 20% devaluation of the dollar over the last few years. But now the European Commission wants to hand Ukraine $300 billion seized from Russia.