XAU/USD likely to edge higher

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

Positions Today Yesterday % Change
Longs 45% 47% -4.44%
Shorts 55% 53% 3.64%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Neutral Buy Buy
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

The yellow metal is starting to weaken gradually against the US Dollar. Even though the middle of Wednesday's trading session passed with no significant price changes, a strong hourly plunge of 0.78% allowed Gold to breach the 55– and 100-hour SMAs; the weekly PP and the monthly R1 surrendered several hours later. 

By Thursday morning, the rate was testing the 200-hour SMA. Given that the total daily losses yesterday was 0.9%, it is likely that bulls try to re-gain some lost positions in this session—a scenario that is likewise supported by north-tended technical indicators. 

The highest point for the following session could be the combined resistance of the 55– and 100-hour SMAs and the bottom boundary of the breached channel circa 1,355.00.

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