XAUUSD Analysis: Continues consolidation

Dukascopy Bank Team Dukascopy Bank SA

XAUUSD

Gold was consolidating against the US Dollar last week, thus remaining between the 1,206.00 mark and the 61.80% Fibonacci retracement at 1,216.00. The pair failed to surpass the latter, as it was reinforced by the 200-hour and the 55-period (4H) SMAs. As a result, the yellow metal had fallen back to the 1,208.00 mark by Monday morning.

Technical indicators on the 4H chart have already started to recover. It means that shorter-term signals should soon follow. In order to accelerate, bulls have to overcome the 55-, 100– and 200-hour SMAs and the weekly resistance provided by the aforementioned Fibo level. This should pave the way for a surge up to 1,235.00 this week.

In case of a fall today, 1,200.00 should remain intact, as the senior channel and the monthly S1 are located there.

Interested in XAUUSD technicals? Check out the key levels

1. R3 1211.22
2. R2 1211.22
3. R1 1211.22
PP 1211.22
1. S1 1211.22
2. S2 1211.22
3. S3 1211.22

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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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