XAUUSD Analysis: Returns to Friday’s 1,284.00 level

In first of yesterday’s trading session the exchange rate made left the junior ascending triangle pattern in southern direction amid strong pressure from the 55- and 200-hour SMAs. However, after making a rebound from the bottom boundary of a large ascending channel it resumed the surge and by the end of the day returned to the pre-fall 1,283.00 level. Generally, appreciation of the gold is expected to continue not only because of the abovementioned rebound but also because of additional support provided by multiple MAs as well as the monthly PP. From fundamental side, an increasing political uncertainty in the UK is likely to support demand for safe haven assets as well. However, this assumption might be easily altered if the released American data will beat experts’ expectations.


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