XAU/USD Analysis: Was retraced to 1,286.00 level

Dukascopy Bank Team Dukascopy Bank SA

XAUUSD

During Friday's morning hours, the yellow metal was retraced by the 23.60% Fibonacci retracement level and the simple moving average to trade at the 1,288.11 mark.

In regards to the near-term future, most likely, the gold will continue depreciating against the US Dollar to the 1,284.00 level. Besides, the resistance levels of the simple moving averages and the 23.60% Fibo will prevent the rate from surge during the trading day.

Moreover, none of the technical indicators could support the yellow metal from the fall.

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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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