During the previous trading session, the yellow metal appreciated against the US Dollar by 1874 pips or 1.46%. Note, the monthly R1 stopped the surge at 1,304.27. On Monday morning, the exchange currency rate was trading at 1,300.00.
In regards to the near-term future, most likely, the gold will be trading sideways to stay at the 1,295.00 level during the trading session.
On the other hand, the yellow metal could take the support of the dominant pattern line at 1,299.40 mark to push the rate to surge towards the monthly R1 at 1,304.27.
In regards to the near-term future, most likely, the gold will be trading sideways to stay at the 1,295.00 level during the trading session.
On the other hand, the yellow metal could take the support of the dominant pattern line at 1,299.40 mark to push the rate to surge towards the monthly R1 at 1,304.27.
Note
During Wednesday’s morning hours, the previously drawn pattern was broken. Due to the fact, the chart was fully reviewed!
In regards to the near-term future, most likely, the gold will be trading sideways to stay at the 1,315.00 level during the day. Besides, the 55-hour simple moving average will try to catch up the rate to give additional support at next trading sessions.
On the other hand, the yellow metal could depreciate against the US Dollar to the 1,305.00 level during today’s US FOMC Meeting Minutes and Federal Funds Rate release at 19:00 GMT. Watch out for the news!
Note
During the previous trading session, the gold appreciated against the US Dollar by 745 pips or 0.57%. On Thursday morning, the yellow metal was trading at the 1,321.33 mark.
In regards to the near-term future, most likely, the gold will be retraced by the ascending medium pattern line at 1,325.63 to push the rate to trade at the 1,320.00 level for the rest of the day.
On the other hand, the rate could break through the resistances of the medium pattern line and the monthly R2 at 1,325.63 to trade at the 1,325.00 level.
Note
On Friday morning, the yellow metal was located at the 1,319.82 mark. Besides, the 55-hour simple moving average supported the rate during the morning hours.
In regards to the near-term future, it is expected that the gold will meet the upper boundary of the descending pattern line at 1,325.00 to bounce off to the 1,320.00 level.
On the other hand, the yellow metal could break through the resistance level of the pattern line at 1,325.00 during today’s US Dollar during today’s US Employment data sets release at 13:30 GMT.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.