XAU/USD analysis: Trades at 1,875.00

Dukascopy Bank Team Dukascopy Bank SA

XAU/USD

The XAU/USD exchange rate has raised to the 1,875.00 level.

It is likely that yellow metal could gain support from the 55-, 100– and 200-hour SMAs, as well the Fibo 23.60% in the 1,846.60/1,860.59 range. Thus, bulls could prevail in the market in the short term.

On the other hand, it is likely that gold could trade sideways against the US Dollar between the predetermined support area and the psychological level at 1,880.00.

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Dukascopy Bank Team

Dukascopy Bank SA

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