Since Friday’s trading session, the yellow metal depreciated against the US Dollar by 831 pips or 0.64% to place the rate at the 1,282.50 mark.
In regards to the near-term future, the gold will trade towards the 1,286.00 level, where it could be retraced by the simple moving averages to stay at the 1,284.00 level.
On the other hand, during the trading session, the yellow metal could depreciate towards the 1,275.00 level.
In regards to the near-term future, the gold will trade towards the 1,286.00 level, where it could be retraced by the simple moving averages to stay at the 1,284.00 level.
On the other hand, during the trading session, the yellow metal could depreciate towards the 1,275.00 level.
Comment:
On Wednesday morning, the yellow metal was trading between the 55-hour and the 200-hour simple moving averages at the 1,285.38 mark.
Most likely, the gold will be trading downside towards the bottom boundary of the pattern line at the 1,280.50 mark. Moreover, it is expected that the 200-hour simple moving average will retrace the gold to give an additional push to depreciate against the US Dollar.
On the other hand, the 100-hour simple moving average could support the yellow metal to break the resistance of the 200-hour simple moving average to trade near the 23.60% Fibonacci retracement level at 1,291.57.
On Wednesday morning, the yellow metal was trading between the 55-hour and the 200-hour simple moving averages at the 1,285.38 mark.
Most likely, the gold will be trading downside towards the bottom boundary of the pattern line at the 1,280.50 mark. Moreover, it is expected that the 200-hour simple moving average will retrace the gold to give an additional push to depreciate against the US Dollar.
On the other hand, the 100-hour simple moving average could support the yellow metal to break the resistance of the 200-hour simple moving average to trade near the 23.60% Fibonacci retracement level at 1,291.57.
Comment:
On Thursday morning, the yellow metal was trading below the 55-hour and the 100-hour simple moving averages at the 1,280.06 mark.
In regards to the near term future, most likely, the 200-hour simple moving average will continue retracing the rate to the 1,274.00 level. It is expected, that the gold will reach the monthly pivot point at 1,262.88 in a couple of trading sessions.
On the other hand, any fundamental news could push the yellow metal to appreciate against the US Dollar to stay at the 1,280.00 level!
On Thursday morning, the yellow metal was trading below the 55-hour and the 100-hour simple moving averages at the 1,280.06 mark.
In regards to the near term future, most likely, the 200-hour simple moving average will continue retracing the rate to the 1,274.00 level. It is expected, that the gold will reach the monthly pivot point at 1,262.88 in a couple of trading sessions.
On the other hand, any fundamental news could push the yellow metal to appreciate against the US Dollar to stay at the 1,280.00 level!
During Tuesday’s morning hours, the yellow metal appreciated against the US Dollar to the 1,284.00 level.
In regards to the near-term future, most likely, the gold will break the resistance of the 55-hour simple moving average at 1,284.00 to surge to the 1,288.00 level. It is expected that the 55-hour simple moving average will support the surge during the trading session on Tuesday.
However, the yellow metal could be resisted by the 55-hour simple moving average at 1,283.89 to depreciate against the US Dollar to the 1,276.00 level.