Following the massive hourly advance mid-Wednesday, the yellow metal has made no significant changes to its price level, thus remaining in the 1,350.00/1,360.00 range ever since. If looking at the chart, the pair has been moving neatly along the bottom boundary of the breached two-month channel.
Technical indicators demonstrate that Gold has still some upside potential that could be realised today. However, the commodity was reluctant to push higher during the previous session. Thus, gains could also be limited today, especially if taking into account the fact that the pair is located near the 2017/2018 high of 1,365.00.
It is likely that US Building Permits released at 1330GMT introduce some volatility in the market; however, Gold should maintain its trading range between 1,365.00 and 1,335.00.
