XAU/USD continues to appreciate for the third consecutive session. The most recent surge occurred on Tuesday after the pair hit the strong support of the 55-, 100– and 200-hour SMAs circa 1,333.00. As a result, Gold breached a three-week channel early today and is currently targeting the medium-term channel near 1,355.00.
Technical indicators are located in the overbought territory; thus, it is more likely that bears strengthen their positions and push the pair back lower.
Meanwhile, this session includes several significant fundamentals from the US, so today’s trading range is expected to be wide. The upper boundary is the aforementioned medium-term channel, while the nearest support is set by the distant 55-hour SMA and the 23.60% Fibo circa 1,335.00.
