HomeContributorsTechnical AnalysisXAU/USD Declined Below 1,580.00

XAU/USD Declined Below 1,580.00

On Tuesday, the XAU/USD exchange rate declined to the support formed by the 200-hour SMA at 1,564.00. During today’s morning, the rate reversed north.

Note that yellow metal faced the resistance level formed by the monthly R2 and the 100-hour SMA at 1,570.61. Thus, a reversal south could occur, and the rate could re-test the lower boundary of the medium-term ascending channel located circa 1,562.00.

However, if the given resistance level does not hold, it is likely that gold could appreciate against the US Dollar in the short run. Note that the price for gold would have to surpass the 55-hour SMA at 1,576.06

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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