HomeContributorsTechnical AnalysisXAU/USD: Falling Wedge Pattern In Sight

XAU/USD: Falling Wedge Pattern In Sight

At the beginning of current week, the XAU/USD exchange rate traded between the 55– and 100-hour SMAs.

From a theoretical perspective, the rate should reverse north from the lower boundary of the falling wedge pattern. However, the price for gold has to surpass the given moving averages.

If the given resistance and pattern hold, it is likely, that the rate could trade sideways around the Fibonacci 38.20% retracement at 1,273.68. If the given pattern does not hold, it is expected, that a breakout south occurs in the short run.

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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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