XAU/USD touches 1,226 level

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 53% 51% 3.77%
Shorts 47% 49% -4.26%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Buy Sell Neutral
Alligator (13; 8; 5) Neutral Sell Sell
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

As Janet Yellen began giving her testimony on Wednesday, the yellow metal's price jumped. During the move the commodity price broke out of the ascending channel pattern. However, as the chairwoman ended the speech, the metal had retreated back to the 1,220 level. Moreover, something unordinary was happening on Thursday morning. Although theoretically the pattern is broken, the upper trend line of the ascending channel was still providing resistance to the commodity. Meanwhile, the 200-hour SMA and the monthly S1 were providing support to the metal. Due to that reason it can be expected that additional gains will be scored by the end of the week.

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