XAU/USD Pressured By 55– And 100-Hour SMAs

Technical analysis of Forex market

On Thursday, gold tested the lower boundary of the descending triangle pattern at 1,282.56.

Given that the price for gold is pressured by the 55– and 100-hour SMAs, it is likely that the XAU/USD exchange rate trades down and re-tests the lower pattern line.

If the given resistance does not hold, it is expected that the rate extends gains and reaches the psychological level at 1,294.00.

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