XAU/USD follows falling wedge pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs72%69%3.2%
Shorts28%31%-8.2%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)SellNeutralNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)BuySellSell
Aggregate

On Friday, the XAU/USD exchange rate reversed north from the lower boundary of the falling wedge pattern.

From a theoretical point of view, it is likely that the rate could trade upwards in the nearest future, as it should target the upper pattern line located in the 1,825.00/1,830.00 range.

In the meantime, note that yellow metal could face the resistance formed by the 200-hour SMA near 1,809.00. Thus, the price for gold could trade sideways, supported by the 55– and 100-hour SMAs in the 1,785.00 area.

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