HomeContributorsTechnical AnalysisXAU/USD Consolidates At 1,610.00

XAU/USD Consolidates At 1,610.00

On Thursday, the XAU/USD exchange rate raised to the 1,610.00 level. During today’s morning, the rate was consolidating at the given level.

It is likely that yellow metal could gain support from the 55-, 100– and 200-hour SMAs and appreciate against the Greenback in the short term. Note that the rate would have to surpass the local resistance level at 1,640.00.

If the given resistance level holds, it is likely that gold could trade sideways against the US Dollar in the nearest future. Also, it is unlikely that bears could prevail in the market, and the price for gold could drop below the monthly PP at 1,577.89.

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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