Bears guided Gold to a new one-year low on Friday morning. The yellow metal managed to reverse its three-day decline mid-session and consequently gain 1.20% against the US Dollar. This advance was stopped by the 100-hour SMA and a channel line at 1,217.00.
It seems that bulls have not still gained the necessary strength to breach this resistance cluster, so it is more likely that the pair remains under the bearish pressure today. Today’s low should be the senior line and the monthly S1 at 1,200.00. Technical indicators support this scenario.
Traders should look out for the 200-hour SMA at 1,221.00. If this line is breached, a surge up to the monthly PP is very likely.
It seems that bulls have not still gained the necessary strength to breach this resistance cluster, so it is more likely that the pair remains under the bearish pressure today. Today’s low should be the senior line and the monthly S1 at 1,200.00. Technical indicators support this scenario.
Traders should look out for the 200-hour SMA at 1,221.00. If this line is breached, a surge up to the monthly PP is very likely.
Comment:
XAU/USD has been diminishing its trading range for the last three sessions. This has left the rate in a triangle-like formation between a channel line and a trend-line.
Gold breached the 55– and 100-hour SMAs and the aforementioned channel early on Wednesday. However, it is unlikely that a surge could follow today, as a strong resistance level is formed by the 200-hour and 55-period (4H) SMAs near 1,220.00. Likewise, technical indicators flash bearish signals for the pair today.
It seems that the 55– and 100-hour SMAs at 1,210.00 could surrender, thus sending the rate lower down to the monthly S1 at 1,202.00.
XAU/USD has been diminishing its trading range for the last three sessions. This has left the rate in a triangle-like formation between a channel line and a trend-line.
Gold breached the 55– and 100-hour SMAs and the aforementioned channel early on Wednesday. However, it is unlikely that a surge could follow today, as a strong resistance level is formed by the 200-hour and 55-period (4H) SMAs near 1,220.00. Likewise, technical indicators flash bearish signals for the pair today.
It seems that the 55– and 100-hour SMAs at 1,210.00 could surrender, thus sending the rate lower down to the monthly S1 at 1,202.00.
Comment:
The USD/JPY exchange rate bounced off the psychological 111.00 mark mid-Tuesday and was heading towards the combined resistance of the 55-, 100– and 200-hour SMAs and the weekly PP at 111.40.
This cluster provided an unbreakable resistance that stopped any attempts to accelerate from the senior channel. The positioning of technical indicators suggest that the rate is likely to test this area one more time today. The Greenback surpassing this level should not result in large gains, as moving averages on both the 1H and 4H time-frames have been successfully limiting the pair since mid-July. The 100-period SMA and the monthly PP are located at 111.77.
In terms of support, there is solid downside potential until the weekly S1 at 110.60.
The USD/JPY exchange rate bounced off the psychological 111.00 mark mid-Tuesday and was heading towards the combined resistance of the 55-, 100– and 200-hour SMAs and the weekly PP at 111.40.
This cluster provided an unbreakable resistance that stopped any attempts to accelerate from the senior channel. The positioning of technical indicators suggest that the rate is likely to test this area one more time today. The Greenback surpassing this level should not result in large gains, as moving averages on both the 1H and 4H time-frames have been successfully limiting the pair since mid-July. The 100-period SMA and the monthly PP are located at 111.77.
In terms of support, there is solid downside potential until the weekly S1 at 110.60.
Comment:
The yellow metal was fluctuating around the 55– and 100-hour SMAs on Wednesday. A strong decline was stopped by a July 2017 low, while resistance was provided by the 200– hour and 55-period (4H) SMAs near 1,216.00.
A new development was a breakout from the prevailing short-term channel down yesterday evening.
The overall market sentiment for this session is mixed, while technical indicators on the 4H time-frame remain tended upwards. If looking at patterns, Gold should accelerate from the senior channel and fulfil the bullish scenario next week.
A possible target in this case is a two-week resistance and the monthly PP at 1,235.00. The nearest support is set by the monthly S1 at 1,202.00 that should not be surpassed today.
The yellow metal was fluctuating around the 55– and 100-hour SMAs on Wednesday. A strong decline was stopped by a July 2017 low, while resistance was provided by the 200– hour and 55-period (4H) SMAs near 1,216.00.
A new development was a breakout from the prevailing short-term channel down yesterday evening.
The overall market sentiment for this session is mixed, while technical indicators on the 4H time-frame remain tended upwards. If looking at patterns, Gold should accelerate from the senior channel and fulfil the bullish scenario next week.
A possible target in this case is a two-week resistance and the monthly PP at 1,235.00. The nearest support is set by the monthly S1 at 1,202.00 that should not be surpassed today.
Comment:
XAU/USD has been moving in a symmetrical triangle during the past few sessions. A bullish breakout from this short-term pattern was halted by the 200-hour and 55-period (4H) SMAs and the 61.80% Fibonacci retracement at 1,216.00.
No significant changes to the pair’s direction occurred on Thursday, as the yellow metal was trading in between the 55-, 100– and 200-hour SMAs. This lack of direction changed swiftly early today when Gold lost 0.36% against the US Dollar and returned to re-test a July 2017 low of 1,206.00.
This move pushed the rate out of the aforementioned triangle. It is likely that this bearish move continues in this session, as well. The nearest support is the relatively distant senior channel and the monthly S1 circa 1,200.00.
XAU/USD has been moving in a symmetrical triangle during the past few sessions. A bullish breakout from this short-term pattern was halted by the 200-hour and 55-period (4H) SMAs and the 61.80% Fibonacci retracement at 1,216.00.
No significant changes to the pair’s direction occurred on Thursday, as the yellow metal was trading in between the 55-, 100– and 200-hour SMAs. This lack of direction changed swiftly early today when Gold lost 0.36% against the US Dollar and returned to re-test a July 2017 low of 1,206.00.
This move pushed the rate out of the aforementioned triangle. It is likely that this bearish move continues in this session, as well. The nearest support is the relatively distant senior channel and the monthly S1 circa 1,200.00.
Downside momentum dominated the yellow metal on Monday, as it fell 0.80% mid-session. This fall was stopped by the 100.00% Fibonacci retracement which represents the pair’s lowest position since July 2017. Gold has since recovered, surpassed the 55-hour SMA and was testing the 100-hour moving average early on Tuesday.
The pair has already halted two times near this yearly low, so it is likely that a decline below this level does not occur. Thus, traders could look towards the bullish scenario.
The nearest resistance is the aforementioned 100-hour SMA, with the 200-hour and 200-period (4H) ones being located nearby.