During Friday’s trading session, the yellow metal was supported by the 200-hour simple moving average to end the trading day at the 1,232.81 mark. On Monday morning, the gold was supported by the 55-hour and the 200-hour simple moving averages to trade at the 1,231.46 mark.
In regards to the near-term future, most likely, the gold will trade upwards to reach the 1,235.00 level. The 55-hour and the 200-hour simple moving averages will support the surge during the trading session on Monday.
It is expected that the yellow metal will reach the upper boundary of the ascending dominant pattern line at 1,240.50 in next few days.
In regards to the near-term future, most likely, the gold will trade upwards to reach the 1,235.00 level. The 55-hour and the 200-hour simple moving averages will support the surge during the trading session on Monday.
It is expected that the yellow metal will reach the upper boundary of the ascending dominant pattern line at 1,240.50 in next few days.
Comment:
During Tuesday's trading session, the yellow metal was supported by the 200-hour simple moving average to end the trading day at the 1,230.28 mark. On Wednesday morning, the gold was supported by the 55-hour and the 100-hour simple moving averages to trade at the 1,231.93 mark.
In regards to the near-term future, most likely, the gold will keep trading sideways to trade at the 1,235.00 level during the day. The 200-hour simple moving average should support the rate from a decline during Wednesday’s trading session.
However, the yellow metal could depreciate during today’s US Crude Oil Inventories data release at 15:30 GMT to trade at the 1,225.00 level.
During Tuesday's trading session, the yellow metal was supported by the 200-hour simple moving average to end the trading day at the 1,230.28 mark. On Wednesday morning, the gold was supported by the 55-hour and the 100-hour simple moving averages to trade at the 1,231.93 mark.
In regards to the near-term future, most likely, the gold will keep trading sideways to trade at the 1,235.00 level during the day. The 200-hour simple moving average should support the rate from a decline during Wednesday’s trading session.
However, the yellow metal could depreciate during today’s US Crude Oil Inventories data release at 15:30 GMT to trade at the 1,225.00 level.
Comment:
During Wednesday’s trading session, the yellow metal depreciated against the US Dollar to pass through the simple moving averages to end the trading day at the 1,225.17 mark. On Thursday morning, the gold was located below the 200-hour simple moving average to trade at the 1,224.15 mark.
In regards to the near-term future, the gold will try to trade upwards but most likely, it will be resisted by the SMAs due to a lack of any support levels. Possibly, the rate will be trading at the 1,220.00 level during the trading session.
On the other side, today’s US Federal Funds Rate release at 19:00 GMT could depreciate the US Dollar against the gold to push the yellow metal to surge!
During Wednesday’s trading session, the yellow metal depreciated against the US Dollar to pass through the simple moving averages to end the trading day at the 1,225.17 mark. On Thursday morning, the gold was located below the 200-hour simple moving average to trade at the 1,224.15 mark.
In regards to the near-term future, the gold will try to trade upwards but most likely, it will be resisted by the SMAs due to a lack of any support levels. Possibly, the rate will be trading at the 1,220.00 level during the trading session.
On the other side, today’s US Federal Funds Rate release at 19:00 GMT could depreciate the US Dollar against the gold to push the yellow metal to surge!
During Monday’s trading session, the yellow metal was supported by the 200-hour SMA to end the trading day at the 1,230.28 mark. On Tuesday morning, the gold was located between the 55-hour and the 200-hour SMAs at the 1,232.31 mark.
In regards to the near-term future, most likely, the gold will break the resistance of the 55-hour simple moving average to surge towards the 1,235.00 level during the trading session. The 200-hour simple moving average should support the surge!
However, the yellow metal could pass through the simple moving averages to trade at the 1,220.00 level if the US Dollar will appreciate against the gold during today’s United States Congressional Elections.