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XAU/USD Analysis: Could continue to decline

Written by By Dukascopy Bank Team | 2019-04-15 10:13:18 GMT

Given that the XAU/USD exchange rate is pressured by the 55-, 100– and 200-hour SMAs, it is likely, that some bearish momentum continues to prevail in the market. A possible downside target is the lower boundary of the descending triangle pattern at 1,282.56. 

It is the unlikely case, that bulls would prevail in the market in the short run, and the price for gold could jumped higher than 1,295.00 level due to the resistance of 55– and 200-hour moving averages.

XAUUSD

XAUUSD

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By Dukascopy Bank Team
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