XAU/USD touched 1,640.00

Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs59%63%-6.3%
Shorts41%37%9.1%
Indicator4H1D1W
MACD(12;26;9)BuySellBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralSellNeutral
Alligator(13;8;5)BuySellBuy
SAR(0.02;0.2)BuyBuySell
Aggregate

On Tuesday, the XAU/USD exchange rate raised to the 1,640.00 level. During today's morning, the rate was trading at the 1,620.00 level.

It is likely that yellow metal could gain support from the monthly PP at 1,607.96 and continue to appreciate against the US Dollar in the short term. In this case the rate could face the resistance level—the monthly R1 at 1,668.23.

However, if the price for gold fails to exceed the 1,640.00 level, it is likely that the commodity could consolidate against the Greenback in the short run. Also, it is unlikely that bears could prevail, and the rate could decline below the psychological level at 1,560.00.

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