XAU/USD makes expected rebound

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 47% 48% -2.13%
Shorts 53% 52% 1.89%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Sell Sell
Alligator (13; 8; 5) Sell Neutral Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

An area around the 1,313.61 mark indeed represented a sort of benchmark, which bullion traders used to try to restore previously lost positions. As this advance had a short-term effect, the pair expectedly fell back through the weekly and monthly PP as well as the 55- and 100-hour SMAs yesterday. 

On the one hand, such movement points out on formation of a minor descending channel. If this is true, then the rate is likely to continue to move to the bottom, trying to hit the weekly S2 at 1,283.66. 

A pressure from the above technical indicators would support such movement. On the other hand, there is a need to take into account that three times in a row the rate failed to pass through the 1,290.93 level.

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