XAU/USD Pressured BY 55-Hour SMA

Technical analysis of Forex market

On Thursday, the XAU/USD exchange rate raised to the resistance formed by the 100– and 200-hour SMAs, as well the monthly PP in the 1,720.00 area. During today’s morning, the rate reversed south.

Given that yellow metal is pressured by the 55-hour moving average near 1,710.00, it is likely that some downside potential could prevail in the market. In this case the rate could decline to the 1,695.00 mark.

Meanwhile, it is unlikely that bulls could prevail in the market, and the price for gold could exceed the 1,720.00 level due to the given resistance.

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