HomeContributorsTechnical AnalysisXAU/USD To Test Fibo 23.60%

XAU/USD To Test Fibo 23.60%

The XAU/USD exchange rate has increased to the 1,845.00 mark.

It is likely that yellow metal could gain support from the 200-hour SMA near 1,835.00 and continue to trade upwards in the short run. The price for gold could target the 1,870.00/1,880.00 area.

Meanwhile, note that the exchange rate could face the resistance level—the Fibo 23.60% at 1,860.59. If the predetermined level holds, a reversal south could occur, and the rate could decline to the 55– and 100-hour SMAs near 1,820.00

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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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