Gold Analysis: Likely to trade in range again
|Gold
XAU/USD has not left its narrow trading range for the sixth consecutive session. After reversing from the 1,295.00 mark yesterday, Gold gained momentum and dashed through the 55-, 100– and 200-hour SMAs. The pair tested the 50.00% Fibonacci retracement near 1,300.00 once again but failed to move above it.
In general, it is unlikely that the given commodity gains some additional bullish momentum in this session, as the 200-period (4H) and 200-day SMAs and the monthly PP are restricting a move above the 1,302.00/1,307.00 area.
Thus, the pair should either fluctuate in a narrow range between this resistance and the aforementioned hourly SMAs or approach the senior channel and the 61.80% Fibo near 1,290.00.
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.