During Friday’s trading session, the yellow metal has been appreciating against the US Dollar to end the trading day at 1,321.12. On Monday morning, the gold was located at the 1,323.56 mark.
In regards to the near-term future, most likely, the yellow metal will continue appreciating against the US Dollar to break the dominant pattern line at 1,326.22.
On the other hand, the dominant pattern line could resist the rate to trade at the 1,310.00 level.
In regards to the near-term future, most likely, the yellow metal will continue appreciating against the US Dollar to break the dominant pattern line at 1,326.22.
On the other hand, the dominant pattern line could resist the rate to trade at the 1,310.00 level.
Comment:
During the previous trading session, the yellow metal broke the resistance level of the monthly R1 at 1,340.10.
In regards to the near-term future, most, likely the gold will keep surging to the 1,350.00 level.
However, today’s US FOMC Meeting Minutes release at 19:00 GMT could push the yellow metal to depreciate against the US Dollar towards the 1,335.00 level.
During the previous trading session, the yellow metal broke the resistance level of the monthly R1 at 1,340.10.
In regards to the near-term future, most, likely the gold will keep surging to the 1,350.00 level.
However, today’s US FOMC Meeting Minutes release at 19:00 GMT could push the yellow metal to depreciate against the US Dollar towards the 1,335.00 level.
Comment:
During Wednesday’s trading session, the yellow metal traded sideways to appreciate against the U Dollar by 38 pips or 0.03%. On Thursday morning, the rate was located at the 1,335.74 mark.
In regards to the near-term future, the 100-hour simple moving average will support the gold to break the resistance of the monthly R1 at 1,340.10. Most likely, the yellow metal will end the trading session at the 1,340.00 level.
On the other hand, today’s US Durable Goods Orders and Core Durable Goods Orders data release at 13:30 GMT could push the yellow metal to depreciate against the US Dollar to pass through the support level of the 100-hour SMA to trade near the 200-hour simple moving average.
During Wednesday’s trading session, the yellow metal traded sideways to appreciate against the U Dollar by 38 pips or 0.03%. On Thursday morning, the rate was located at the 1,335.74 mark.
In regards to the near-term future, the 100-hour simple moving average will support the gold to break the resistance of the monthly R1 at 1,340.10. Most likely, the yellow metal will end the trading session at the 1,340.00 level.
On the other hand, today’s US Durable Goods Orders and Core Durable Goods Orders data release at 13:30 GMT could push the yellow metal to depreciate against the US Dollar to pass through the support level of the 100-hour SMA to trade near the 200-hour simple moving average.
Comment:
During the previous trading session, the yellow metal depreciated against the US Dollar by 1529 pips or 1.14%. On Friday morning, the rate was supported by the 200-hour simple moving average at the 1,322.12 mark.
In regards to the near-term future, most likely, the 200-hour simple moving average will keep supporting the rate during the day. It is expected that the rate will stay at the 1,325.00 level.
However, the gold could pass through the 200-hour simple moving average at 1,322.12 to depreciate towards the medium pattern line at the 1,310.00 level.
During the previous trading session, the yellow metal depreciated against the US Dollar by 1529 pips or 1.14%. On Friday morning, the rate was supported by the 200-hour simple moving average at the 1,322.12 mark.
In regards to the near-term future, most likely, the 200-hour simple moving average will keep supporting the rate during the day. It is expected that the rate will stay at the 1,325.00 level.
However, the gold could pass through the 200-hour simple moving average at 1,322.12 to depreciate towards the medium pattern line at the 1,310.00 level.
During Monday’s trading session, the yellow metal broke the previously drawn dominant pattern line at 1,325.06. On Tuesday morning, the rate was located at the 1,329.53 mark.
In regards to the near-term future, it is expected that the yellow metal will continue its surge against the US Dollar to the 1,330.00 level.
Note, the chart was fully reviewed, and some corrections were applied to it!