Sun, Feb 28, 2021 @ 16:14 GMT
Home Contributors Technical Analysis XAU/USD Follows Falling Wedge Pattern

XAU/USD Follows Falling Wedge Pattern

On Friday, the XAU/USD exchange rate reversed north from the lower boundary of the falling wedge pattern.

From a theoretical point of view, it is likely that the rate could trade upwards in the nearest future, as it should target the upper pattern line located in the 1,825.00/1,830.00 range.

In the meantime, note that yellow metal could face the resistance formed by the 200-hour SMA near 1,809.00. Thus, the price for gold could trade sideways, supported by the 55– and 100-hour SMAs in the 1,785.00 area.

Dukascopy Swiss FX Group
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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