FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Gold spent most of Thursday’s trading session below the 1,345.00 mark, as its further appreciation was restricted by the 200-hour SMA .

The pair eventually collected enough momentum to dash through this line and the 55– and 100-hour SMAs. As a result, the upper boundary of the short-term ascending channel was breached to the upside. By Friday morning, the pair had retraced back to the upper channel line.

This factor together with bullish technical indicators suggests that the yellow metal is likely to continue its upward momentum in this session, as well, thus accelerating from the 200-hour SMA . The nearest resistance is set by the five-month high and the weekly R1 at 1,364.97 and 1,367.50, respectively.
Comment:

Contrary to expectations, the yellow metal was driven by bearish momentum on Friday. Traders were still indecisive during the morning session; however, better-than-expected US employment data added some strength to the overall bearish sentiment thus pushing Gold down to the 1,330.00 mark where it had already found support by Monday morning.

This trading session marks a significant northern resistance which comes from the weekly and monthly PPs and the nearby-located 55-, 100– and 200-hour SMAs near 1,337.50 and 1,343.00, respectively.

Thus, the upside potential for this session could be 1,340.00, while the southern side is guarded by the weekly S1 at 1,322.50. Technical indicators suggest that Gold could spend the day closer to its resistance area.
Comment:

After testing the bottom boundary of a two-month ascending channel late on Friday, Gold accelerated against the US Dollar, thus dashing through several important resistance areas, including the weekly PP and the 55– and 100-hour SMAs. On Tuesday morning, the rate was testing the upper boundary of a short term channel and the 200-hour SMA circa 1,344.00.

Technical indicators demonstrate that some upside potential still exists in the near term. In addition, the current positioning of the pair suggests that the junior channel should surrender under the bullish pressure, thus allowing the rate to breach the 200-hour SMA and the weekly R1 and approach its six-month high of 1,365.00.

However, given the strength of the nearest resistance, the pair might consolidate for some time.
Check out our Webinar YouTube channel
https://www.youtube.com/channel/UCmpHD7iCG9PCrp_sZuQbwEg

Check out our trading platform:
https://www.dukascopy.com/land/swiss/
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out