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XAU/USD Likely To Trade Sideways

Yesterday, the XAU/USD exchange rate extended gains and reached the psychological level at 1,278.00.

From a technical perspective, it is unlikely, that the price for gold could maintain its growth due to the resistance of the 200-hour SMA at 1,279.71.

Thus, it is likely, that the rate could trade sideways between the given resistance and the support level formed by the 55– and 100-hour SMAs, as well the monthly S1 and the Fibo 38.20% at 1,273.68.

If the given resistance does not hold, the price for gold could reach the psychological level at 1,282.00.

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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