HomeContributorsTechnical AnalysisXAU/USD Remains Below Monthly PP

XAU/USD Remains Below Monthly PP

Yesterday, the XAU/USD exchange rate raised to the resistance level—the monthly PP at 1,722.34. During Wednesday morning, the rate was testing the given resistance.

It is likely that yellow metal could gain support from the 200-hour SMA near 1,715.40 and trade upwards in the short term. In this case the rate could target the 1,740.00 mark.

However, if the given resistance level holds, it is likely that a reversal south could occur in the nearest future. In this case the price for gold could gain support from the 55– and 100-hour SMAs near 1,705.00.

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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