XAU/USD remained stable on Thursday, similarly to other major currency pairs which include the US Dollar. After failing to surpass the 1,306.00 mark mid-day, the bearish sentiment took over the market and consequently pushed Gold below the 55– and 100-hour SMAs and the 50.00% Fibo retracement. A further fall was stopped by the 200-hour SMA. Thus, the rate was stranded in a narrow range between these three SMAs both in the 1H and 4H charts.
Given the strength of these both barriers, the soon breakout should dictate the pair’s direction in this session. Technical indicators flash bearish signals. In case this scenario occurs, the pair would approach the senior channel and the 61.80% Fibo at 1,290.00 Conversely, the daily high should be the 1,310.00 mark.
