XAU/USD two scenarios likely

Note: This section contains information in English only.
Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs60%59%0.8%
Shorts40%41%-1.2%
Indicator4H1D1W
MACD(12;26;9)SellBuySell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralSell
Alligator(13;8;5)SellBuySell
SAR(0.02;0.2)SellBuySell
Aggregate

On Tuesday, the precious metal gold declined by 95 pips or 0.54% against the US Dollar. The commodity breached the 55– and 200– hour SMAs during yesterday's trading session.

The exchange rate is currently trading near the lower line of a descending channel pattern and could be set for a breakout. If the channel pattern holds, buyers could pressure the XAU/USD pair higher within this session.

However, if the currency exchange rate breaks the descending channel pattern, bearish traders are likely to target the 1760.00 level within this session.

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