During Monday’s trading session, the yellow metal was resisted by the 55-hour SMA to pass through the rest of the SMAs to end the trading day at 1,226.60. On Tuesday morning, the gold was trading below the monthly R2 at the 1,224.25 mark.
In regards to the near-term future, most likely, the gold will keep moving downside towards the monthly R1 at 1,209.98 due to the resistances of the most technical indicators.
However, the US Dollar could depreciate against the yellow metal during today’s US CB Consumer Confidence data release at 14:00 GMT. The fundamental news could force the gold to break the resistance of the monthly R2 at 1,227.33.
