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XAU/USD: Two Scenarios Likely

Yesterday, the XAU/USD exchange rate traded sideways between the Fibonacci 38.20% retracement at 1,273.68. and the 1,280.00 level.

Given that gold is pressured by the 55-hour moving average, currently located at 1,279.39, it is unlikely, that bulls could prevail in the market in the short term.

If the given support level holds, it is expected, that the price for gold could maintain its consolidation.

Otherwise, it is expected, that some downside potential could prevail in the market, and the rate could target the psychological level at 1,270.00.

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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