XAUUSD Analysis: Trades steady for second day

Gold entered a minor period of consolidation late on Friday, as a move below the 1,342.00 was restricted by the 55– and 100-hour SMAs. The same situation was apparent on Monday. 

This shows that traders are rather indecisive. On the one hand, bulls are unable to push the yellow metal above the 1.350.00 mark, while the aforementioned support, also reinforced by the nearby 200-hour moving average, limits the beginning of a new wave down. 

Technical indicators demonstrate that the pair should move north today towards the monthly R1 and the senior channel at 1,354.50 and 1,360.00, respectively. However, the 2017/2018 high which is located at 1,366.00 is unlikely to be reached in this session.

XAUUSD

 

Interested in Gold technicals? Check out the key levels

    1. R3 1361.67
    2. R2 1356.13
    3. R1 1350.97
  1. PP 1345.43
    1. S1 1340.27
    2. S2 1334.73
    3. S3 1329.57

 

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