During Tuesday’s trading session, the yellow metal depreciated by 1339 pips or 1.09% to end the trading session at the 1,213.88 mark. During Wednesday morning hours, the gold was trading near the 38.20 % Fibonacci retracement level at the 1,214.48 mark.
In regards to the near-term future, most likely, the 38.20 % Fibonacci retracement level at 1,214.55 should resist the yellow metal to trade downwards to reach the 1,210.00 level during the trading day.
On the other side, the yellow metal could appreciate against the US Dollar during today’s US Prelim GDP and Crude Oil Inventories data releases to trade at 1,218.00.
In regards to the near-term future, most likely, the 38.20 % Fibonacci retracement level at 1,214.55 should resist the yellow metal to trade downwards to reach the 1,210.00 level during the trading day.
On the other side, the yellow metal could appreciate against the US Dollar during today’s US Prelim GDP and Crude Oil Inventories data releases to trade at 1,218.00.
Note
During Wednesday’s trading session, the yellow metal broke most of the technical indicators to appreciate by 1096 pips or 0.90 %. During Thursday morning hours, the gold broke the resistance of the 61.80% Fibo to trade at the 1,226.42 mark.
In regards to the near-term future, most likely, the yellow metal will trade sideways to stay at the 1,228.00 level on Thursday. Besides, the 61.80% Fibonacci retracement level should support the gold during the day.
However, the yellow metal could pass through the support of the 61.80% Fibonacci retracement level to trade at the 1,222.00 level.
Note
During Thursday’s trading session, the yellow metal broke the 61.80 % Fibonacci retracement level to trade above the technical indicator. Afterwards, the gold depreciated against the US Dollar to end the trading session at 1,224.03. During Friday morning hours, the yellow metal was located at 1,224.31 mark.
In regards to the near-term future, most likely, the yellow metal will trade upwards to break the 61.80% Fibo at 1,225.59 due to the supports of the simple moving averages. It is expected that the gold will be trading at the 1,228.00 level on Friday.
On the other side, if the US Dollar will appreciate against the gold, the yellow metal could pass through the supports of the SMAs to trade at 1,218.00 level.
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.