The gold price depreciated 0.65% since Friday’s trading session. On Monday morning , the yellow metal was located at 1,200.00 mark.
The fundamentals pushed the rate downwards to pass through the SMAs, which were supporting the rate for the previous two sessions. On Monday, the SMAs are playing a role of resistance for gold . Most likely, the yellow metal will trade downwards due to the resistance of the SMAs to stay in the range between the 1,202.00 and the monthly at 1,195.00 mark.
On the other hand, the rate might move through the SMAs if the fundamental news will occur during the trading session.
The gold price appreciated 0.33% since Monday’s trading session. On Tuesday morning, the yellow metal was located at 1200.00 mark.
In regards to the near-term future, most likely, the rate will move downwards to the monthly pivot point at the 1,195.60 mark due to the resistance of the simple moving averages. The rate will trade at the 1,196.00 level during Tuesday’s trading session.
On the other hand, the rate might break the resistance of the simple moving averages and the lower boundary of the medium ascending line to trade in the previously drawn pattern at the 1,204.00 level.
The gold price appreciated 0.26% since Tuesday’s trading session. On Wednesday morning hours, the yellow metal was located between the simple moving averages at the 1,2010 mark.
In regards to the near-term future, the yellow metal will wait for simple moving averages break-out to push gold to move up towards the 61.80 Fibo or down towards the monthly PP at the 1,1956 mark.
Besides, the US crude oil inventories data release at 14:30 GMT and the US Federal Funds rate data release at 18:00 GMT could affect the market to push gold upside or downside on Wednesday.
The gold price depreciated 1.27% since Thursday’s trading session. On Friday, the yellow metal was located below the monthly pivot point at the 1,1826 mark.
In regards to the near-term future, most likely, the yellow metal will trade downside to the monthly S1 at the 1,1661 level. The bearish outlook cannot be prevented due to the technical indicators absence. The simple moving averages will keep to catch up the rate in next couple of trading session.
However, the situation can be changed if fundamentals will appear shortly.