XAUUSD Analysis: Retreats after reaching above 1,320

During the early hours of Wednesday’s trading session the yellow metal’s price began a slight decline. The decline started after the metal reached above the 1,320 mark and setting a new record.

All in all, the decline was expected, because such a record surge had only a slight chance of continuing.

Meanwhile, there are various signs that the surge of the commodity price will increase after a period of consolidation. The base for that from a technical perspective would be the combined support of a junior channel up pattern and the 55-hour simple moving average.



Interested in XAUUSD technicals? Check out the key levels

    1. R3 1340.76
    2. R2 1329.83
    3. R1 1323.56
  1. PP 1312.63
    1. S1 1306.37
    2. S2 1295.44
    3. S3 1289.17


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.