XAU/USD daily overview
Updated
During Friday’s trading session, the yellow metal passed through the support levels of the 55-hour and the 100-hour simple moving averages to end the trading session at 1,298.00. On Monday morning, gold was located at the upper boundary of the medium pattern line at the 1,305.17 mark.
In regards to the near-term future, most likely, the yellow metal will break the medium pattern line to surge to the 1,310.00 level.
On the other hand, the medium, pattern line could retrace the yellow metal to end the trading session at the 1,302.00 level.
In regards to the near-term future, most likely, the yellow metal will break the medium pattern line to surge to the 1,310.00 level.
On the other hand, the medium, pattern line could retrace the yellow metal to end the trading session at the 1,302.00 level.
Note
During Monday’s trading session, the yellow metal was supported by the 100-hour simple moving average to end the trading session at 1302.00. On Tuesday morning, the rate was located at the 1,305.92 mark.
In regards to the near-term future, it is expected, that the 55-hour and the 100-hour simple moving averages will support the rate to push it to the 1,308.00 level.
Note
During Tuesday’s trading session, the yellow metal surged to the upper boundary of the medium pattern line at the 1,310.00 mark. On Wednesday morning, gold was trading between the 100-hour and the 200-hour simple moving averages at the 1,302.53 mark.
In regards to the near-term future, most likely, the 200-hour simple moving average will support the rate to push it to the 1,305.00 level.
However, today’s US Federal Funds Rate, FOMC Statement release at 18:00 GMT might push the US Dollar to appreciate against the yellow metal to the 1,296.00 level.
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