XAUUSD Analysis: Depreciates to 1,214.00

XAUUSD

During Tuesday's trading session, the yellow metal traded downside towards the monthly R1 at 1,209.98 to end the trading day at 1,221.21. On Wednesday morning, the gold was trading at the 1,217.90 mark.

In regards to the near-term future, the gold will keep trading downside towards the monthly R1 at 1,209.98 mark. The 55-hour simple moving average will try to catch up the rate during the trading session. Most likely, the yellow metal will meet the monthly R1 during Thursday's trading session.

However, today's fundamental news could break the prediction for the yellow metal. Watch out for the fundamentals!

XAUUSD

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.