Gold was consolidating against the US Dollar last week, thus remaining between the 1,206.00 mark and the 61.80% Fibonacci retracement at 1,216.00. The pair failed to surpass the latter, as it was reinforced by the 200-hour and the 55-period (4H) SMAs. As a result, the yellow metal had fallen back to the 1,208.00 mark by Monday morning.
Technical indicators on the 4H chart have already started to recover. It means that shorter-term signals should soon follow. In order to accelerate, bulls have to overcome the 55-, 100– and 200-hour SMAs and the weekly resistance provided by the aforementioned Fibo level. This should pave the way for a surge up to 1,235.00 this week.
In case of a fall today, 1,200.00 should remain intact, as the monthly S1 is located nearby.
Technical indicators on the 4H chart have already started to recover. It means that shorter-term signals should soon follow. In order to accelerate, bulls have to overcome the 55-, 100– and 200-hour SMAs and the weekly resistance provided by the aforementioned Fibo level. This should pave the way for a surge up to 1,235.00 this week.
In case of a fall today, 1,200.00 should remain intact, as the monthly S1 is located nearby.
Comment:
The majority of Tuesday’s trading session was spent with XAU/USD trading sideways with low volatility. This morning, some additional bearish pressure was introduced which resulted in a breach of the senior channel and a fall below the pair’s year-and-a-half low at 1,190.00.
Technical indicators have returned to the oversold territory as apparent on the 1H chart, while those on the 4H one have failed to pick up momentum. This indicates that some decline might still be in sight today. The ultimate low should be the monthly S2 at 1,180.00.
In case bulls take over in this session, the yellow metal is expected to target the psychological 1,200.00 level.
The majority of Tuesday’s trading session was spent with XAU/USD trading sideways with low volatility. This morning, some additional bearish pressure was introduced which resulted in a breach of the senior channel and a fall below the pair’s year-and-a-half low at 1,190.00.
Technical indicators have returned to the oversold territory as apparent on the 1H chart, while those on the 4H one have failed to pick up momentum. This indicates that some decline might still be in sight today. The ultimate low should be the monthly S2 at 1,180.00.
In case bulls take over in this session, the yellow metal is expected to target the psychological 1,200.00 level.
Comment:
Gold continues to decline against the US Dollar for the third consecutive session. The pair breached the senior channel down early on Wednesday, being followed by a 2.38% fall down to 1,165.00.
On Thursday morning, technical indicators were located in the strongly oversold territory. This indicates that bulls may want to recover some of their positions lost during the previous trading sessions.
An important resistance to look out for is the 55-hour SMA at 1,187.00. The ultimate daily high should be the monthly S1 and the 200-hour SMA circa 1,205.00. Meanwhile, support is set by the monthly S3 at 1,148.00.
Gold continues to decline against the US Dollar for the third consecutive session. The pair breached the senior channel down early on Wednesday, being followed by a 2.38% fall down to 1,165.00.
On Thursday morning, technical indicators were located in the strongly oversold territory. This indicates that bulls may want to recover some of their positions lost during the previous trading sessions.
An important resistance to look out for is the 55-hour SMA at 1,187.00. The ultimate daily high should be the monthly S1 and the 200-hour SMA circa 1,205.00. Meanwhile, support is set by the monthly S3 at 1,148.00.
Comment:
The yellow metal’s price on Monday morning continued the surge, which began on late Friday. On Friday, the pair managed to break the resistance of the 55-hour SMA and a monthly pivot point.
On Monday morning the most relevant aspect of the commodity price’s chart was the fact that the price had reached above all notable close by resistance levels. Namely, it faced no resistance levels as high as the 1,196.70 level. At that level the 200-hour simple moving average was the only resistance level, which could stop the price from reaching back above the 1,200.00 mark.
The yellow metal’s price on Monday morning continued the surge, which began on late Friday. On Friday, the pair managed to break the resistance of the 55-hour SMA and a monthly pivot point.
On Monday morning the most relevant aspect of the commodity price’s chart was the fact that the price had reached above all notable close by resistance levels. Namely, it faced no resistance levels as high as the 1,196.70 level. At that level the 200-hour simple moving average was the only resistance level, which could stop the price from reaching back above the 1,200.00 mark.
The yellow metal extended gains against the US Dollar on Monday, thus in total losing 2.00% since mid-Friday. This was caused primarily by the stronger US Dollar which gained on the growing crisis in Turkey. As a result, Gold was trading at a new 17-month low near 1,195.00 this morning, thus breaching the prevailing symmetrical triangle to the downside.
The pair is clearly oversold now. This should increase upside risks, as bulls would want to gain on this sudden daily plunge. Upside potential is apparent until a resistance cluster set by the 55-, 100– and 200-hour SMAs circa 1,210.00. In the unlikely event of a fall, Gold should target the monthly S2 at 1,180.00.