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XAU/USD Revealed Rising Wedge Pattern

Yesterday, XAU/USD exchange rate revealed a rising wedge pattern. During Friday morning, the rate was testing the upper pattern line.

From a theoretical point of view, it is likely that the exchange rate could continue to trade within the given pattern within the following trading session.

On the other hand, it is likely that yellow metal could gain support from the 55– and 100-hour SMAs near 1,955,00 and a breakout north could occur. In this case the price for gold could target the 2020.00 level.

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