XAU/USD Could Decline

Yesterday, the XAU/USD exchange rate declined to the 1,484.00 level. During Tuesday morning, the rate was testing the upper boundary of the medium-term descending channel at 1,488.00.

From a theoretical point of view, it is likely that some downside potential could prevail in the market. In this case the price for gold could target the 1,480.00/1,482.00 range.

It is unlikely that a breakout north from the given channel could occur, as yellow metal is also pressured by the 55-, 100- and 200-hour moving averages in the 1,488.86/1,491.20 area.

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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