XAU/USD tries to break below monthly S2

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 55% 54% 1.82%
Shorts 45% 46% -2.22%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Buy Buy Neutral
Stochastic (5; 3; 3) Sell Neutral Sell
Alligator (13; 8; 5) Sell Sell Neutral
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

Previous trading session the exchange rate mostly spent in a horizontal movement between the monthly S2 from the bottom and the upper boundary of a medium-term descending channel from the top.  

As on daily chart the pair continues to fluctuate in a junior channel down, a little recovery of the yellow metal is expected to happen. 

On the other hand, on hourly chart the upward movement is likely to be neutralized by the falling 55- and 100-hour SMAs as well as the weekly PP and the monthly S1 located around them. Hence, in nearest perspective the rate most probably will continue moving in southern direction. 

Such scenario is supported by positive expectations of the upcoming adoption of the tax reform as well as interest rate hike.

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