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XAU/USD Analysis: Is Squeezed Between SMAs

The gold price appreciated 0.26% since Tuesday’s trading session. On Wednesday morning hours, the yellow metal was located between the simple moving averages at the 1,2010 mark.

In regards to the near-term future, the yellow metal will wait for simple moving averages break-out to push gold to move up towards the 61.80 Fibo or down towards the monthly PP at the 1,1956 mark.

Besides, the US crude oil inventories data release at 14:30 GMT and the US Federal Funds rate data release at 18:00 GMT could affect the market to push gold upside or downside on Wednesday.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
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.

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