HomeContributorsTechnical AnalysisXAU/USD Remains Below 1,600.00

XAU/USD Remains Below 1,600.00

On Wednesday, the XAU/USD exchange rate failed to surpass the 1,600.00 level. During today’s morning, the rate was trading at the 1,590.00 mark.

It is likely that yellow metal could remain under pressure of the 55-hour SMA near 1,590.00 and depreciate against the US Dollar in the nearest future

However, note that the exchange rate could gain support from the monthly PP at 1,577.89. If the given level holds, the price for gold could consolidate in the short run.

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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