The yellow metal has appreciated 2.50% against the US Dollar since August 16. The same bullish sentiment was apparent on Monday when the 100-hour SMA provided enough support to push the rate past the 1,190.00 level.
On Tuesday morning, Gold was testing the 200-hour and the 55-period (4H) SMAs. If both moving averages are breached together with a three-month descending channel near 1,195.00, the rate should target the 61.80% Fibonacci retracement at 1,215.00 within the following sessions.
In terms of today, this trading session could be rather calm, as no significant fundamental releases are weighting on the pair. In case the 1,195.00 area remains intact, bears should push the rate back to the 55- and 100-hour SMAs near 1,185.00.
