In regards to the near future, most likely, the yellow metal should move downwards due to the resistance of the simple moving averages to bounce off the bottom boundary of the ascending trend or pass through it during today’s trading session.
However, the monthly at the 1,195.00 mark may push the rate to hike upwards, ignoring the simple moving averages resistances.
The gold price appreciated 0.62% since Monday’s trading session. During Tuesday morning hours, the yellow was squeezed between the simple moving averages at the 1,199.00 level.
In regards to the near future, the rate will face a breakout, most likely, to move upwards due to support of the 200-hour and the 55-hour simple moving averages and the additional support of the monthly pivot point at the 1,195.60 mark.
However, the SMAs could become resistance for gold, which could try to push the rate downwards to the monthly PP at the 1,195.60 mark.
The gold price appreciated 0.46% since Tuesday’s trading session. On Wednesday, the yellow metal was located at 1,204.24 mark.
In regards to the near future, the rate will surge upwards due to an absence of the technical indicators, which could stop the rate from the surge during the following trading days.
Besides, the technical indicators are showing that the yellow metal will move sideways during the trading day. Moreover, gold is supported by the simple moving averages, which will push the yellow metal to surge upwards.
The gold price appreciated 0.33% since Wednesday ’s trading session. On Thursday, the yellow metal was trading sideways near the 1,202.00 level.
The simple moving averages kept supporting the yellow metal since Wednesday’s trading session. The gold is still waiting for the buy signals for traders to change the yellow metal low volatility.
In regards to the near-term future, it is expected that the buy signals will push the yellow metal to surge upwards to the 61.80 % Fibonacci retracement level at 1,2158.00 mark.
The gold price appreciated 0.59% since Thursday’s trading session. On Friday, the yellow metal was surging upwards locating at the 1,2100.00 mark.
During Thursday’s trading session, the simple moving averages pushed the yellow metal to surge as it was expected. The gold is moving closer to the 61.80% Fibonacci retracement level, which gold should reach in next couple of days.
Moreover, the simple moving averages are trying to catch up the rate to support the yellow metal to break through the Fibonacci retracement level in the near-term future.