XAU/USD slips to 100-hour SMA

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 48% 50% -4.17%
Shorts 52% 50% 3.85%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Sell Buy Sell
Aggregate

The first half of previous trading day the yellow metal spent in a confident upward movement, supported by the 55-hour SMA near 1,267.26 as well as the release of a number of disappointing US macroeconomic data. Once an upside momentum was over, the buck started to restore lost positions and dragged the rate to the bottom, passing through the 20-, 55- and 100-hour SMAs. Given that SWFX traders remain slightly bearish on the pair, it might slip a little bit further towards the bottom trend-line of an ascending channel that is backed up by the weekly PP at 1,261.80 and the approaching 200-hour SMA. On the other hand, certain technical indicators send a signal that the bullion is already oversold and, thus, might start the surge without reaching the pattern's boundary.

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