HomeContributorsTechnical AnalysisXAU/USD Might Trade Sideways

XAU/USD Might Trade Sideways

Yesterday, the XAU/USD exchange rate tried to surpass the resistance formed by the 55-hour moving average at 1,396.43. During Tuesday’s morning, the rate was testing the given resistance.

Note, that the price for gold is facing the support at the 1,387.50 mark. Thus, it is expected, that gold could trade sideways against the US Dollar between the given support and resistance levels in the short run.

However, if the given resistance does not hold, the price for gold could rise to the resistance level formed by the 100– and 200-hour SMAs, currently located circa 1,403.00.

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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