HomeContributorsTechnical AnalysisXAU/USD Pressured By 55– And 100-Hour SMAs

XAU/USD Pressured By 55– And 100-Hour SMAs

Yesterday, the XAU/USD exchange rate tested the lower boundary of the falling wedge pattern located circa 1,270,00.

From a theoretical point of view, the rate should reverse north and try to surpass the resistance level formed by a combination of the 55– and 100-hour SMAs, as well the monthly S1 and the Fibonacci 38.20% at 1,273.68.

If the given pattern does not hold, a breakout south might occur in the nearest future. It is likely, that the price for gold could target the psychological level at 1,265.00 mark.

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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