XAU/USD daily overview
Updated
During Friday’s trading session, the yellow metal passed through the support level of the 55-hour simple moving average to the 1,314.00 mark. On Monday morning, the gold was depreciating against the US Dollar to pass through the support of the 100-hour simple moving average to 1,310.75.
Most likely, the yellow metal will bounce off the monthly pivot point at 1,308.46 to stay at the 1,312.00 level during the trading session.
However, the gold could pass through the support level of the monthly pivot point at 1,308.46 to trade near the 200-hour simple moving average at the 1,30.50 mark.
Most likely, the yellow metal will bounce off the monthly pivot point at 1,308.46 to stay at the 1,312.00 level during the trading session.
However, the gold could pass through the support level of the monthly pivot point at 1,308.46 to trade near the 200-hour simple moving average at the 1,30.50 mark.
Note
During the previous trading session, the yellow metal was resisted by the 100-hour simple moving average to trade between the 100-hour SMA and the monthly pivot point at 1,308.46. On Tuesday morning, the gold was located at the 1,311.36 mark.
In regards to the near-term future, most likely, the yellow metal will continue the trade between the monthly PP and the simple moving averages to stay at the 1,310.00 level for the rest of the day.
Meanwhile, the 200-hour simple moving average will catch up the monthly pivot point at 1,308.45 to give additional support for the gold!
Note
During the previous trading session, the resistance of the 200-hour simple moving average forced the yellow metal to pass through the support level of the monthly pivot point at 1,308.46. On Thursday morning, the gold was located below the monthly PP at the 1,306.77 mark.
In regards to the near-term future, most likely, the resistance of the monthly pivot point will retrace the rate to push the yellow metal to trade sideways at the 1,300.00 level for the rest of the day.
Meanwhile, the 55-hour and the 200-hour simple moving averages are trying to catch up the rate to give further retracement to the rate on Friday.
Note
During Thursday’s trading session, the yellow metal broke the resistance of the monthly pivot point at 1,308.46 to end the trading session at 1,309.46. On Friday morning, the gold was resisted by the 100-hour simple moving average at the 1,309.83 mark.
In regards to the near-term future, it is expected that the 100-hour simple moving average will continue retracing the rate to push it to trade sideways at the 1,310.00 level.
On the other hand, the support level of the monthly pivot point at the 1,308.46 mark could support the yellow metal to break the resistance of the 100-hour to trade at 1,312.00.
Note
The yellow metal's price managed to break the resistance of simple moving hourly averages on Friday. However, on Monday the metal's price ignored the support of these levels and declined down to 1,310.00. Making forecasts for the commodity price at the moment is rather complicated. In general, watch the price action near each of the simple moving averages and the pivot point level at 1,308.45.
If the PP gets passed, a decline should occur. On the other hand a step by step passing of the SMAs might result in a surge up to the 1,320.00 level.
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