XAU/USD fails to climb above 1,292.91
Updated
Morning outlook - XAU/USD fails to climb above 1,292.91
- As it was expected, previous trading session the yellow metal spent in a steady surge against the American Dollar. However, the soar did not last for long, as it was stopped already at the closest resistance level set up by the monthly R1 at 1,292.91.
- At the moment, the pair is moving horizontally, being squeezed between two notable barriers.
- The first is made of a combination of the 100- and 200-hour SMAs as well as the weekly PP at 1,284.70.
- The other one is made of the above monthly R1, but most importantly of an area located around the 1,296.00 mark, which represents a crossroad of the two junior ascending channels’ upper boundaries.
- Hence, it seems that the bullion will prefer to move either horizontally, or downwards.
Trade closed: target reached
XAU/USD continue to move horizontallyIn line with expectations, the rest of the previous trading session the yellow metal spent in a relatively flat movement against the US Dollar.
The pair did not resume the surge, but it also did not manage to sneak through a combination of the 200-hour SMA and the weekly PP at 1,284.70.
Nevertheless, a steady movement to the bottom seems the most viable scenario, as the bullion has entered in a little short-term descending channel.
On the other hand, an aggregate of technical indicators on the 1D timeframe sends an opposite signal, warning that the above support level might be too strong to be so easily bypassed.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.