XAUUSD Analysis: Will break monthly R2
|XAUUSD
The gold price appreciated 0.43% since Thursday's session. During the previous trading session, the yellow metal broke the resistances of the 55-hour and the 100-hour SMAs to stop the trade at the 1,225.36. On Friday morning, the gold was supported by the 55-hour SMA to trade at 1,226.26 mark.
In regards to the near-term future, most likely, the gold will break the resistance of the monthly R2 at 1,227.33 mark to surge to the upper boundary of the ascending dominant channel line at 1,235.63 mark.
On the other side, the rate might be resisted by the monthly R2 at 1,227.33 mark to push the rate to pass the 55-hour and the 100-hour SMAs to trade at 1,220.00 level.
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