XAU/USD daily overview

As apparent on the chart, the yellow metal was trading along the breached one-month channel during the first part of Friday. The pair subsequently breached the falling wedge and appreciated up to the 1,325.00 mark. It has since remained in a narrow range, stranded between the 55-, 100– and 200-hour SMAs.

In accordance with the senior channel, Gold should continue moving upwards this week; this scenario is also confirmed by bullish technical indicators. This session, however, might show limited gains, given the rate’s failure to accelerate after the 55– and 200-hour SMAs were breached.

An upside target could b the monthly PP at 1,329.00. In case the aforementioned SMAs are breached, a move below 1,315.00 is unlikely.

Following two sessions of decline, the yellow metal has allayed its bearish sentiment.

The first part of Monday’s session was very calm, as the bounds of the 55-, 100– and 200-our SMAs limited more extensive movements. Additional volatility was introduced later in the day; however, the aforementioned SMAs still remained the main limiting factor for the pair.

Technical indicators are strongly bearish, thus pointing to a possible decline in this session. The nearest southern barrier is 1,310.00 where the weekly S1 and the breached trend-line are located. In terms of resistance, Gold is restricted by the monthly PP and the 23.60% Fibo at 1,330.00 and 1,335.60, respectively.

Traders should be attentive when the US inflation data come out at 1230GMT.

Gold was driven by bears early on Tuesday who pushed the yellow metal down to the upper boundary of the breached wedge pattern and the 38.20% Fibo near 1,316.60.

The pair’s subsequent direction was determined by the US inflation release which introduced volatility in the market. As a result of this 45% surge, Gold dashed through the strong resistance of the 55-, 100– and 200-hour SMAs and was located at the 1,330.00 mark by Wednesday morning.

Technical indicators are strongly bearish in this session. However, it is unlikely that the aforementioned SMAs are breached until US fundamentals are released at 1230GMT.

The ultimate low should be the 1,316.00 mark, while gains are likely to be capped near 1,336.00.

The yellow metal has made no significant advances during the previous session, as any attempts to move below the 1,322.80 area was restricted by the strong support of the 55-, 100– and 200-hour SMAs.

The pair has managed to appreciate during the past few sessions following a test of the 1,315.00 level. A notable climb, however, has not yet followed. Thus, it is likely that the pair fails to edge higher this week, especially given the fact that it has approached a downward-sloping trend-line guiding the rate during the previous four weeks.

By and large, the rate might remain stranded between this line and the SMAs for several hours. However, downside risks should eventually prevail, thus sending the pair closer to the 38.20% Fibo at 1,316.00.

Gold was driven by bearish momentum during the previous trading session. This sentiment strengthened mid-session when the pair breached the combined support of the 55-, 100– and 200-hour SMAs. As a result, the yellow metal was located at 1,314.74—its lowest level in March—late on Thursday.

Given that this area has provided considerable support during the past three weeks, it is likely that the pair fails to edge lower in this session and therefore approaches the previously-breached moving averages. The downward-sloping trend-line at 1,324.00 should be the highest mark for today.

Even though technical indicators flash bearish signals, some apparent signs of recovery add some ground to the aforementioned bullish scenario.
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