The yellow metal has depreciated 0.35% against the US Dollar starting from 22:00 GMT on Tuesday until 07:00 GMT on Wednesday. The pair tested the bottom boundary of the trend line at 1,192.77 on Wednesday morning.
During Wednesday morning hours, Gold was at 1,197.42, testing the 55-period (4H) and 200-hour SMAs as additional support level to recover itself. In addition, the crossover of the 55 and 200-hour SMAs should be a strong buy signal for traders. It seems that during today’s session the yellow metal should try to reach the upper boundary of the junior ascending channel.
In general, the main pair shows bullish signals continuing to the retracement of the rally from the monthly low of 1,160.25.
