XAU/USD falls below 1,340.60

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 45% 45% 0.00%
Shorts 55% 55% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Sell Neutral
Stochastic (5; 3; 3) Neutral Sell Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

The way the exchange rate started new trading week confirmed that previously it was moving in a medium-term rising wedge. Generally, the pair is expected to gradually move to the bottom, trying to reach the lower trend-line of a senior ascending channel. 

However, in order to do that the rate will have to cross a combined support level formed by the updated weekly S1 at 1,329.68 and the 200-hour SMA. 

Even though it sounds like a too strong barrier, the path to the north is also well secured. Namely, it consists of the 55- and 100-hour SMAs as well as the weekly PP at 1,343.70. 

By the way, the bearish scenario is also confirmed on a daily scale, as last Friday the gold made a rebound from an upper trend-line of a long-term ascending channel.

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