XAU/USD falls to 1,266 amid US PMI data

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 52% 53% -1.92%
Shorts 48% 47% 2.08%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

As it was expected, formation of a symmetrical triangle pattern embodied anticipation of release of the American data on Friday. As the actual results beat expectations, bears managed to strengthen the buck against the yellow metal by 0.84% just in one hour. 

There is a need to notice two things. First, a rebound near the 1,266.00 mark can be interpreted as a second reaction low a previously undetected junior ascending channel. This assumption implies gradual movement in the northern direction. 

However, in short term this recovery looks doubtful due to combined resistance that is forming from the weekly PP at 1,273.35 and the falling 55-, 100- and 200-hour SMAs. 

There is also a need to take into account an existence of a slope that consists of Sep 7, Oct 15 and Nov 2 maximums and is likely to stop the pair from surging until a rebound from the bottom edge of a dominant channel up.

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