XAU/USD analysis: Broke lower channel line

Dukascopy Bank Team Dukascopy Bank SA

XAU/USD

Yesterday, the XAU/USD exchange rate pierced the lower line of the medium-term ascending channel.

Given that yellow metal is pressured by the 55– and 100-hour moving averages in the 1,910.00 area. Thus, some downside potential could prevail in the market, and the price for gold could decline to 1,895.00.

Meanwhile, note that the exchange rate could gain support from the 200-hour moving average near 1,907.00. Thus, some upside potential could prevail in the market, and the rate could target the 1,925.00 mark.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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