The yellow metal has remained stable against the US Dollar during the following two weeks. Along the way, the rate did manage to reach a new 2017/2018 high at 1,360.00. The rate has since edged slightly lower and breached the 55-hour SMA.
Technical indicators demonstrate that some slight downside potential still exists in the market. But given that the pair is facing a strong support of the 100-hour SMA and the weekly and monthly PPs, losses should not exceed 1,338.10. From the upside, Gold is restricted by the 55-hour SMA circa 1,355.00.
Banks in the US are closed today; thus, the market is unlikely to introduce significant changes to the pair’s positioning. The rate might even consolidate and remain between the 55– and 100-hour SMAs. If bulls are to prevail, gains could be capped at 1,360.00.
