XAU/USD trades sideways at 1,310.00 14 14
During the previous trading session, the yellow metal passed through the support level of the monthly pivot point at 1,308.46. On Tuesday morning, the gold took the support of the monthly PP to break the resistances of the 55-hour and the 100-hour simple moving averages to trade at the 1,312.80 mark.
In regards to the near-term future, most likely, the yellow metal will trade sideways between the simple moving averages at the 1,310.00 level.
On the other hand, the 200-hour simple moving average could resist the gold to push the rate to the 1,305.00 level.
In regards to the near-term future, most likely, the yellow metal will trade sideways between the simple moving averages at the 1,310.00 level.
On the other hand, the 200-hour simple moving average could resist the gold to push the rate to the 1,305.00 level.
Comment:
During the previous trading session, the yellow metal traded between the 100-hour and the 200-hour simple moving averages. On Thursday, the gold was located below the monthly pivot point at the 1,306.10 mark.
In regards to the near-term future, most likely, the 100-hour and the 200-hour SMAs will push the rata towards the bottom boundary of the medium pattern line at 1,302.00.
Besides, it is expected that today's US Retails Sales, Core Retail Sales, PPI and Core PPI data release at 13:30 GMT will push the yellow metal to depreciate against the US Dollar.
During the previous trading session, the yellow metal traded between the 100-hour and the 200-hour simple moving averages. On Thursday, the gold was located below the monthly pivot point at the 1,306.10 mark.
In regards to the near-term future, most likely, the 100-hour and the 200-hour SMAs will push the rata towards the bottom boundary of the medium pattern line at 1,302.00.
Besides, it is expected that today's US Retails Sales, Core Retail Sales, PPI and Core PPI data release at 13:30 GMT will push the yellow metal to depreciate against the US Dollar.
During Tuesday’s trading session, the yellow metal was trading between the 200-hour and the 100-hour SMAs. During Wednesday’s morning hours, the 100-hour simple moving average supported the rate at the 1,310.50 mark.
In regards to the near-term future, it is expected that the 55-hour and the 100-hour SMAs will push the rate to break the resistance of the 200-hour simple moving average.
In addition, today’s US CPI and Core CPI data release at 13:30 GMT might support the US Dollar to appreciate against the gold to trade at the 1,314.00 level.