Note

XAU/USD analysis: Reached 1,720.00

· Views 2,756

XAU/USD

As apparent on the chart, the XAU/USD exchange rate has reached the 1,720.00 level. During today's morning, the rate was testing the given level.

On the one hand, it is likely that yellow metal could gain support from the monthly R1 at 1,704.29 and continue to appreciate against the US Dollar.

However, if the rate fails to surpass the 1,720.00 level, it is likely that golf could trade sideways against the Greenback in the short term

Also, it unlikely that bears could prevail in the market, and the price for gold could decline lower than the 1,670.00/1,690.00 area due to the support of the 55– and 100-hour SMAs.

XAU/USD analysis: Reached 1,720.00

XAU/USD analysis: Reached 1,720.00

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com

If you like, reward to support.
avatar

Hot

good

-THE END-