During Monday’s trading session, the yellow metal passed through the support level of the 23.60% Fibonacci retracement level to end the trading day at 1,280.00. On Tuesday morning, gold was located at the 1,284.88 mark.
In regards to the near-term future, most likely, the yellow metal will continue to depreciate against the US Dollar to end today’s trading session near the weekly S2 at the 1,276.65 mark.
Note, due to the fact that the previously drawn pattern was broken, the chart was fully reviewed to draw a new pattern!
In regards to the near-term future, most likely, the yellow metal will continue to depreciate against the US Dollar to end today’s trading session near the weekly S2 at the 1,276.65 mark.
Note, due to the fact that the previously drawn pattern was broken, the chart was fully reviewed to draw a new pattern!
Comment:
During Wednesday’s trading session, the yellow metal was trading between the 55-hour simple moving average to end the trading day at 1,285.00.
On Thursday morning, gold was located below the 55-hour simple moving average at the 1,286.10 mark.
In regards to the near-term future, most likely, the 55-hour simple moving average will retrace the rate to push it to depreciate towards the 1,280.00 level.
During Wednesday’s trading session, the yellow metal was trading between the 55-hour simple moving average to end the trading day at 1,285.00.
On Thursday morning, gold was located below the 55-hour simple moving average at the 1,286.10 mark.
In regards to the near-term future, most likely, the 55-hour simple moving average will retrace the rate to push it to depreciate towards the 1,280.00 level.
Comment:
During Thursday’s trading day, the yellow metal followed the previously drawn pattern to end the trading session at the 1,286.21 mark. During Friday’s midnight hours, gold appreciated against the US Dollar breaking the resistance levels most of the technical indicators to be located at the 1,294.62 mark.
It is expected that the yellow metal will trade above the 23.60% Fibonacci retracement level to stay at the 1,290.00 level during the trading session.
However, today’s US Employment data set release at 13:30 GMT might push the rate to break the resistance of the monthly S1 at 1,295.12 to trade at 1,300.00.
During Thursday’s trading day, the yellow metal followed the previously drawn pattern to end the trading session at the 1,286.21 mark. During Friday’s midnight hours, gold appreciated against the US Dollar breaking the resistance levels most of the technical indicators to be located at the 1,294.62 mark.
It is expected that the yellow metal will trade above the 23.60% Fibonacci retracement level to stay at the 1,290.00 level during the trading session.
However, today’s US Employment data set release at 13:30 GMT might push the rate to break the resistance of the monthly S1 at 1,295.12 to trade at 1,300.00.
On Tuesday, the yellow metal traded sideways to stay in the range of the 23.60% Fibo and the monthly S2. During Wednesday’s morning hours, gold was resisted by the 23.60% Fibonacci retracement level to trade at the 1,286.31 mark.
In regards to the near-term future, most likely, the yellow metal will keep depreciating against the US Dollar towards the monthly S2 at 1,276.65. Besides, the 55-hour simple moving average will resist the rate during the day!
On the other hand, today’s US Crude Oil Inventories data release at 15:30 GMT could push gold to appreciate against the US Dollar to 1,290.00 level.