On Friday, the junior channel down pattern was adjusted, as it turned out that it had a slightly different shape. However, if one used the addition of the 55-hour SMA as a guide to properly confirm the change in short term directions, the move could have been caught.
During the morning hours of the day's trading session it was clear that the rate was declining and reaching for the historical low level of 1,236.60. Until that level there were no other notable support observable, which could stop the decline of the commodity price.
Interested in XAUUSD technicals? Check out the key levels
- R3 1257.77
- R2 1253.19
- R1 1250.17
- PP 1245.59
- S1 1242.57
- S2 1237.99
- S3 1234.97
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.