Gold Analysis: Lingers near 1,330.00 on Wednesday morning
|The yellow metal has been strengthening steadily against the Greenback following a reversal from the 1,322.00 mark late on Monday.
The pair breached the combined resistance of the 55-hour SMA and the monthly PP near 1,330.00 on Tuesday evening but has since failed to accelerate. This might be explained by the fact that bulls have not still gathered enough momentum to dash through this mark which is additionally reinforced by the 55-day SMA and the 200-period SMA on the 4-hour time-frame.
If this area is breached, Gold should pick up speed and reach the 1,340.00 level by the end of this session. Meanwhile, a failure to do so, should send the rate back to its April support at 1,322.00.
Interested in Gold technicals? Check out the key levels
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