XAU/USD analysis: Two scenarios likely

Dukascopy Bank Team Dukascopy Bank SA

XAU/USD

On Tuesday, the precious metal gold declined by 95 pips or 0.54% against the US Dollar. The commodity breached the 55– and 200– hour SMAs during yesterday's trading session.

The exchange rate is currently trading near the lower line of a descending channel pattern and could be set for a breakout. If the channel pattern holds, buyers could pressure the XAU/USD pair higher within this session.

However, if the currency exchange rate breaks the descending channel pattern, bearish traders are likely to target the 1760.00 level within this session.

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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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