Gold Analysis: Is bullish today
|Gold
After testing the 55– and 100-hour SMAs for a couple of hours, Gold accelerated mid-Wednesday and dashed through a three-day resistance of 1,350.00. Further advance was stopped by the monthly R1 at 1,355.00, thus leaving the rate between the aforementioned two levels until Thursday morning.
Bullish technical indicators suggest that the monthly R1 should be eventually surpassed, thus allowing for a re-test of the senior channel or the 201/2018 high near 1,360.00 and 1,366.00, respectively.
The nearby-located 55-, 100– and 200-hour SMAs likewise point to a price increase today, as these moving averages are expected to guide the pair higher.
Interested in Gold technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.