HomeContributorsTechnical AnalysisXAU/USD Trades Near 1,860.00

XAU/USD Trades Near 1,860.00

During Wednesday morning hours, the XAU/USD exchange rate broke the upper boundary of the short-term descending channel.

It is likely that yellow metal could bounce off the resistance level—the Fibo 23.60% at 1,860.59 and depreciate against the US Dollar in the short term. The rate could target the 1,820.00 area.

Meanwhile, note that the exchange rate could gain support from the 55-, 100– and 200-hour SMAs in the 1,839.20/1,852.65 area. Thus, the price for gold could grow within the following trading session.

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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