During Friday’s trading session, the yellow metal depreciated against the US Dollar to end the trading session at the 1,236.05 mark. On Monday morning, the gold was trading sideways to stay at the 1,237.77 mark.
It is expected that the yellow metal will trade sideways to get resisted by the upper boundary of the freshly drawn pattern at the 1,238.50 mark. The 55-hour simple moving average will help to resist the rate during the day.
However, the gold could appreciate against the US Dollar to break most of the technical indicators to trade near the 38.20% Fibo at the 1,245.07 mark.
It is expected that the yellow metal will trade sideways to get resisted by the upper boundary of the freshly drawn pattern at the 1,238.50 mark. The 55-hour simple moving average will help to resist the rate during the day.
However, the gold could appreciate against the US Dollar to break most of the technical indicators to trade near the 38.20% Fibo at the 1,245.07 mark.
Note
During Tuesday’s morning hours, the yellow metal was trading above the 38.20% Fibonacci retracement level at the 1,248.70 mark.
Most likely, the 38.20% Fibo will push the rate to trade upwards to reach the 1,252.00 level during the trading session. Moreover, the 100-hour and the 200-hour simple moving averages will also support the rate during the day.
On the other side, the gold could be resisted by the upper boundary of the freshly drawn pattern line at the 1,250 mark to push the rate to trade sideways at the 1,246.00 level.
Note
During Wednesday’s morning hours, the yellow metal kept trading upwards to stay near the resistance level of the ascending small pattern line at 1,252.00 level.
It is expected that the rate will continue trading upwards to reach the 1,254.00 level during the trading day. Note, none of the technical indicators could prevent the gold from the surge.
However, during today’s US FOMC meetings at 19:00 GMT, the US Dollar could appreciate against the yellow metal to push the rate to trade downside towards the 38.20% Fibonacci retracement level at the 1,245.07 mark.
Note
During the previous trading session, the gold depreciated against the US Dollar by 1304 pips or 1.04% to end the trading session at the 1,243.36 mark. On Thursday, the gold was recovering to trade at the 1,248.00 level.
Most likely, the yellow metal will surge upwards due to the support level of the 55-hour simple moving average. Moreover, it expected that the rate could reach the 1,254.00 level during the day.
On the other side, the gold might trade sideways to stay at the 1,248.00 level.
Note
For almost a month Dukascopy Analytics stated that on the larger scale the yellow metal is heading to the 1,260.00 level. The move has occurred and fully ended on Friday. The bullion has surged above the resistance levels at 1,260.00 and even broken resistance levels at that level. The surge was stopped by the upper trend line of a medium term pattern.
In regards to the near term future, it is expected that the bullion will consolidate its gains. Meanwhile, Dukascopy Analytics are taking the next week off.
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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.