XAU/USD Analysis: Was located at 1,208

XAUUSD

The gold price appreciated 0.09% since Thursday's trading session. During Friday morning hours, the yellow was surging upwards into the pattern and was located at the 1,208.00 level. 

In regards to the near future, the yellow metal should bounce off the bottom boundary of the ascending trend and surge upwards due to the support of the 55-hour simple moving average, which will catch up the rate in a couple of hours on Friday session. 

Besides, gold could continue to surge upwards without the help of the bottom boundary of the trend-line and the 55-hour simple moving average.

XAUUSD

 

Interested in XAUUSD technicals? Check out the key levels

    1. R3 1221.98
    2. R2 1217.31
    3. R1 1209.29
  1. PP 1204.62
    1. S1 1196.6
    2. S2 1191.93
    3. S3 1183.91

 

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.