The yellow metal was guided by upside momentum on Friday. The pair accelerated mid-session as a result of which it surpassed the 55-hour SMA. However, the nearby-located 100-hour moving average and the upper boundary of a one-week channel halted any further attempts to move above the 1,325.00 mark.
Bears took over the market during the Asian session today, thus pushing the pair back below the aforementioned SMAs. Technical indicators suggest that this sentiment could be maintained in this session, as well. Thus, Gold is expected to fall down to the bottom channel line at 1,312.00.
Meanwhile, the first part of this week could mark a bullish recovery that should be followed by a test of the 200-hour SMA circa 1,335.00.
Bears took over the market during the Asian session today, thus pushing the pair back below the aforementioned SMAs. Technical indicators suggest that this sentiment could be maintained in this session, as well. Thus, Gold is expected to fall down to the bottom channel line at 1,312.00.
Meanwhile, the first part of this week could mark a bullish recovery that should be followed by a test of the 200-hour SMA circa 1,335.00.
Comment:
The yellow metal has broken the previously drawn junior ascending pattern. However, it extended its gains during Thursday’s trading sessions before finally being stopped by the 200-hour simple moving average.
On Friday morning the commodity had been pushed down below various levels of significance, which were located from the 1,310 to 1,320 levels.
It could have been clearly spotted that, if the 55-hour SMA would get passed, the commodity might once more reach for the strong support cluster, which was located just above the 1,301 mark.
On Friday morning the commodity had been pushed down below various levels of significance, which were located from the 1,310 to 1,320 levels.
It could have been clearly spotted that, if the 55-hour SMA would get passed, the commodity might once more reach for the strong support cluster, which was located just above the 1,301 mark.
Comment:
XAU/USD was pressured by the 55-hour SMA on Monday. The pair tried to surpass this moving average and the 38.20% Fibonacci retracement mid-day, but was stopped near the 1,318.00 mark.
It seems that the pair should maintain its bearish sentiment and edge lower in this session. This fall, however, is likely to be limited by the 2018 low, the senior channel and the 50.00% Fibo retracement near 1,304.00.
Even if the given commodity still manages to realise the aforementioned downside potential today, the following trading days should mark a bullish reversal, especially following an upside breakout of the 55– and 100-hour SMAs.