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FX.co ★ Technical review for XAU/USD: price could decrease

Technical review for XAU/USD: price could decrease

Spot gold remains under pressure because of growing demand for dollar and expectations of more aggressive rate hikes by the Fed.

Technical picture:

The quote is currently below the middle line of the Bollinger indicator, below the SMA 5 and SMA 14. The moving averages are giving a signal to sell, while, the relative strength index (RSI), which is below 50%, is pointing to a likely slowdown in growth. The stochastic indicator is in the oversold zone.

Possible dynamics:

A price drop below 1800.00 will lead to a further fall to 1783.00.

Technical review for XAU/USD: price could decrease

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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