The yellow metal was fluctuating around the 55– and 100-hour SMAs on Wednesday. A strong decline was stopped by a July 2017 low, while resistance was provided by the 200– hour and 55-period (4H) SMAs near 1,216.00. A new development was a breakout from the prevailing short-term channel down yesterday evening.
The overall market sentiment for this session is mixed, while technical indicators on the 4H time-frame remain tended upwards. If looking at patterns, Gold should accelerate from the senior channel and fulfil the bullish scenario next week.
A possible target in this case is a two-week resistance and the monthly PP at 1,235.00. The nearest support is set by the monthly S1 at 1,202.00 that should not be surpassed today.
Interested in XAUUSD technicals? Check out the key levels
- R3 1227.39
- R2 1221.62
- R1 1217.63
- PP 1211.87
- S1 1207.88
- S2 1202.11
- S3 1198.12
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.