HomeContributorsTechnical AnalysisXAUUSD Analysis: Slips To 1,286.08

XAUUSD Analysis: Slips To 1,286.08

After reaching the northern boundary of a one week long ascending channel the yellow metal made a rebound and started to decline against the American Dollar until the pair found a support set up by the 100-hour SMA.

At the moment, the pair is fluctuating around the updated weekly PP near 1,284.70, simultaneously being squeezed between the 55-hour SMA from the top and the above 100-hour SMA from the bottom.

Today the bullion is expected to resume the surge. Firstly, because it is continues to move in two ascending channels. Secondly, because the southern path is also secured by the 200-hour SMA and the 61.8 Fibonacci retracement level at 1,278.96.

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.

Featured Analysis

Learn Forex Trading