The XAU/USD pair is currently coming under pressure and can be seen testing the 100MA (blue line) at 1204.90. The pair has come off the highs for the week at 1218.28 and will need to break the 100 and 200 MA’s to signal a move towards the 38.2% retracement level at 1198.33. Below this the 50% level can be seen at 1192.17.
Topside resistance will be met at 1214.60 (trendline), 1218.28 and then longer term at 1226.16. Of course this is if the pair bounces, but anything is possible as traders start to square out of gold for the long weekend.
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