The gold price depreciated 0.33 % since Friday’s session. On Friday, the yellow metal passed the monthly pivot point to trade at the 1,194.31 mark.
In regards to the near-term future, most likely, the rate will move downwards due to the resistance of the monthly pivot point at the 1,195.43 and the resistance of the 200-hour simple moving average. It is expected that the rate will trade at the 1,192.00 level during the day.
On the other side, the rate might surge upwards to break the resistance of the monthly pivot point to take its support to surge upwards to trade at the 1,198.00 level on Monday.
In regards to the near-term future, most likely, the rate will move downwards due to the resistance of the monthly pivot point at the 1,195.43 and the resistance of the 200-hour simple moving average. It is expected that the rate will trade at the 1,192.00 level during the day.
On the other side, the rate might surge upwards to break the resistance of the monthly pivot point to take its support to surge upwards to trade at the 1,198.00 level on Monday.
Comment:
The gold price depreciated 0.21 % since Tuesday’s session. On Wednesday morning, the yellow metal was resisted by the 55-hour simple moving average to trade at the 1,187.32 mark.
In regards to the near-term future, most likely, the yellow metal will keep trading sideways to stay at the 1,185.00 level during the trading session.
On the other side, the 55-hour simple moving average could resist the gold to pass through the bottom boundary of the medium ascending pattern to trade at the 1,184.00 level on Wednesday.
The gold price depreciated 0.21 % since Tuesday’s session. On Wednesday morning, the yellow metal was resisted by the 55-hour simple moving average to trade at the 1,187.32 mark.
In regards to the near-term future, most likely, the yellow metal will keep trading sideways to stay at the 1,185.00 level during the trading session.
On the other side, the 55-hour simple moving average could resist the gold to pass through the bottom boundary of the medium ascending pattern to trade at the 1,184.00 level on Wednesday.
Comment:
The gold price appreciated 0.73 % since Wednesday’s session. On Thursday morning, the yellow metal passed the monthly PP to trade at 1,197.52 mark.
In regards to the near-term future, most likely, the yellow metal will surge upwards to the 1,200.00 level due to the support of the monthly PP at the 1,195.43 mark and the 200-hour and 100-hour simple moving averages.
In addition, none of the technical indicators may prevent the rate from the surge. However, today’s US fundamental data sets could negatively affect the gold surge movement to push the rate to go back to trade at the 1,190.00 level.
The gold price appreciated 0.73 % since Wednesday’s session. On Thursday morning, the yellow metal passed the monthly PP to trade at 1,197.52 mark.
In regards to the near-term future, most likely, the yellow metal will surge upwards to the 1,200.00 level due to the support of the monthly PP at the 1,195.43 mark and the 200-hour and 100-hour simple moving averages.
In addition, none of the technical indicators may prevent the rate from the surge. However, today’s US fundamental data sets could negatively affect the gold surge movement to push the rate to go back to trade at the 1,190.00 level.
Comment:
The gold price appreciated 2.18 % since Thursday’s session. During the previous trading session, the yellow metal passed the most technical indicators including the 50.00% Fibo retracement level to trade at the 1,215.00 level. On Friday morning, the yellow metal returned to the large pattern to trade at the 1,218.32 mark.
In regards to the near-term future, the gold will trade sideways between the monthly R2 at the 1,227.33 mark and the monthly R1 at the 1,209.98 mark due to the resistance of the large descending pattern line. Most likely, the gold will trade at the 1,210.00 level during the trading session.
The gold price appreciated 2.18 % since Thursday’s session. During the previous trading session, the yellow metal passed the most technical indicators including the 50.00% Fibo retracement level to trade at the 1,215.00 level. On Friday morning, the yellow metal returned to the large pattern to trade at the 1,218.32 mark.
In regards to the near-term future, the gold will trade sideways between the monthly R2 at the 1,227.33 mark and the monthly R1 at the 1,209.98 mark due to the resistance of the large descending pattern line. Most likely, the gold will trade at the 1,210.00 level during the trading session.
The gold price depreciated 1.11 % since Monday’s session. On Tuesday, the yellow depreciated to trade at the 1,190.10 mark due to fundamental events that occurred during Monday’s trading day.
In regards to the near-term future, most likely, the yellow metal will trade downside towards the bottom boundary of the ascending medium pattern at the 1,186.00 mark.
Moreover, after the fundamentals, the simple moving averages will try to catch up the rate during the following trading session.