XAU/USD daily overview
Updated
During Monday morning hours, the yellow metal broke through the resistance levels of the 55-hour simple moving average and the 23.60% Fibo to trade at 1,293.44.
Most likely, the gold will keep surging towards the upper boundary of the descending pattern line at 1,297.00. Besides, the 23.60% Fibo and the 55-hour SMA will try to support the yellow metal during the trading session.
Moreover, the yellow metal could be sure that it will not depreciate against the US Dollar due to a lack of any significant fundamental news which could affect the rate during the day!
Most likely, the gold will keep surging towards the upper boundary of the descending pattern line at 1,297.00. Besides, the 23.60% Fibo and the 55-hour SMA will try to support the yellow metal during the trading session.
Moreover, the yellow metal could be sure that it will not depreciate against the US Dollar due to a lack of any significant fundamental news which could affect the rate during the day!
Note
During Tuesday’s morning hours, the yellow metal passed the support levels of the simple moving averages to trade at the 1,288.83 mark.
In regards to the near-term future, most likely, the gold will be depreciated against the US Dollar due to the resistance of the simple moving averages. Moreover, the yellow metal might trade at 1,284.00 level during the day.
However, the gold could appreciate against the US Dollar to the 1,292.00 level during today’s US PPI and Core PPI data releases at 13:30 GMT.
Note
During the previous trading day, the yellow metal traded sideways to stay at the 1,288.00 level. On Wednesday morning, the gold was trading between the simple moving averages at 1,290.37.
In regards to the near-term future, most likely, the yellow metal will break the resistance levels of the 55-hours and the 100-hours SMAs to trade at 1,292.00. Besides, the 200-hour simple moving average will support the surge!
On the other hand, the gold could depreciate against the US Dollar during today’s US Crude Oil Inventories data release at 15:30 GMT to push the rate to trade at 1,286.00.
Note
During the previous trading session, the yellow metal was supported by the 55-hour and the 100-hour simple moving averages. On Thursday, the rate was trading at the 1,294.33 mark.
Most likely, the gold will be retraced by the medium pattern line at 1,294.33 to push the rate to trade sideways. Moreover, it seems that the yellow metal will be trading at the 1,292.00 level during the day.
However, the gold could break the resistance of the medium pattern line at 1,294.33 to surge towards the 1,298.00 level.
Note
During Friday’s morning hours, the yellow metal was retraced by the 23.60% Fibonacci retracement level and the simple moving average to trade at the 1,288.11 mark.
In regards to the near-term future, most likely, the gold will continue depreciating against the US Dollar to the 1,284.00 level. Besides, the resistance levels of the simple moving averages and the 23.60% Fibo will prevent the rate from surge during the trading day.
Moreover, none of the technical indicators could support the yellow metal from the fall.
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