During Friday’s trading session, the 23.60% Fibonacci retracement level helped the yellow metal to break the resistance of the monthly S1 to end the trading session at the 1,296.81 mark. Note, the chart was fully reviewed to make some corrections to the chart!
In regards to the near-term future, most likely, the 200-hour simple moving average will retrace gold to pass the support level of the monthly S1 at 1,295.12 mark.
On the other hand, today’s US Retail Sales and Core Retail Sales data release at 12:30 GMT could push the US Dollar to appreciate against gold to break through the 200-hour SMA to end the trading session at the 1,300.00 level.
In regards to the near-term future, most likely, the 200-hour simple moving average will retrace gold to pass the support level of the monthly S1 at 1,295.12 mark.
On the other hand, today’s US Retail Sales and Core Retail Sales data release at 12:30 GMT could push the US Dollar to appreciate against gold to break through the 200-hour SMA to end the trading session at the 1,300.00 level.
Comment:
During Tuesday’s session, the yellow metal broke the medium pattern to end the trading session at the 1,300.00 level as it was predicted! On Wednesday morning, gold surged to the 1,308.57 mark.
In regards to the near-term future, it is expected that the yellow metal will trade sideways at the 1,310.00 level.
However, today’s US Core Durable Goods Orders, Durable Goods Orders, US PPI data release at 12:30 GMT might push gold towards the monthly pivot point at the 1,321.03 mark.
During Tuesday’s session, the yellow metal broke the medium pattern to end the trading session at the 1,300.00 level as it was predicted! On Wednesday morning, gold surged to the 1,308.57 mark.
In regards to the near-term future, it is expected that the yellow metal will trade sideways at the 1,310.00 level.
However, today’s US Core Durable Goods Orders, Durable Goods Orders, US PPI data release at 12:30 GMT might push gold towards the monthly pivot point at the 1,321.03 mark.
Comment:
During Wednesday’s trading session, the rate surged to the 1,310.00 level as it was predicted. On Thursday morning, the yellow metal dropped to the 1,298.32 mark, passing through the support levels of the 55-hour and the 100-hour simple moving averages.
In regards to the near-term future, most likely, the monthly S1 at 1,295.12 will support gold to trade sideways at the 1,300.00 level for the rest of the trading session.
Besides, the 200-hour simple moving average might also support the yellow metal from the fall.
During Wednesday’s trading session, the rate surged to the 1,310.00 level as it was predicted. On Thursday morning, the yellow metal dropped to the 1,298.32 mark, passing through the support levels of the 55-hour and the 100-hour simple moving averages.
In regards to the near-term future, most likely, the monthly S1 at 1,295.12 will support gold to trade sideways at the 1,300.00 level for the rest of the trading session.
Besides, the 200-hour simple moving average might also support the yellow metal from the fall.
Comment:
During Thursday’s trading session, the yellow metal passed the 55-hour and the 100-hour simple moving averages to end the trading session at monthly S1. On Friday morning, the 200-hour simple moving averages helped gold to break the resistance levels of the 55-hour and the 100-hour simple moving averages to trade at the 1,302.16 mark.
In regards to the near-term future, it is expected that the yellow metal will bounce off the upper boundary of the medium pattern line at the 1,306.00 mark.
In addition, most likely, the rate will end the trading session at the 1,300.00 level.
During Thursday’s trading session, the yellow metal passed the 55-hour and the 100-hour simple moving averages to end the trading session at monthly S1. On Friday morning, the 200-hour simple moving averages helped gold to break the resistance levels of the 55-hour and the 100-hour simple moving averages to trade at the 1,302.16 mark.
In regards to the near-term future, it is expected that the yellow metal will bounce off the upper boundary of the medium pattern line at the 1,306.00 mark.
In addition, most likely, the rate will end the trading session at the 1,300.00 level.
During Monday’s trading session, the support level of the 23.60% Fibo at 1,292.00 helped the yellow metal to end the trading session at the 1,290.00 level. During Tuesday’s morning hours, the 55-hour simple moving average supported gold to break through the resistance level of the 200-hour SMA to be located at the 1,296.200 mark.
In regards to the near-term future, most likely, most of the technical indicators will support the yellow metal to surge towards the upper boundary of the medium pattern at the 1,300.00 level.
Moreover, if the rate will reach the pattern line, it is expected, that gold might surge reach the 1,310.00 level.