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

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

On Tuesday, the XAU/USD exchange rate reversed south from the upper boundary of the long-term ascending channel at the 1,433.82 mark. During today’s morning, the rate was testing the support level formed by the 100-hour SMA at 1,405.76.

If the given moving average holds, it is likely, that gold could make the U-turn and continue to appreciate against the US Dollar. In this case, the rate could re-test the given channel.

However, note, that the price for gold is pressured by the 55-hour SMA at 1,417.37. Thus, the rate could trade sideways between the given moving averages in the nearest future.

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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