XAU/USD surges to weekly R1

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

Positions Today Yesterday % Change
Longs 48% 48% 0.00%
Shorts 52% 52% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Sell Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

Contrary to prognoses, the upper trend-line of a four-month long descending channel could not constrain the yellow metal from breaking above the 1,230.00 level.  

It appears that the surge was mainly based on fundamentals, such as signs of the upcoming monetary policy tightening in Europe and unclear picture on global demand prospects from Chinese trade data. 

For now, the exchange rate has stuck between the weekly and monthly R1. An aggregate of technical indicators points out on continuation of the surge. 

In case these barriers are broken, the pair will face no obstacles on its way up until the weekly R2 at 1,339.62. In case of rebound, a combination of three moving averages together with the bottom edge of a four-week long ascending channel is expected to provide support.

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