Gold grew stronger against the US Dollar on Friday, being boosted by fundamental events. As a result, it returned in the breached senior channel and subsequently surpassed the 55– and 100-hour SMAs.
It is likely that the yellow metal edges higher during the following hours, supported by the 100-hour SMA. This appreciation might not be long-lived due to the 55– and 100-period (4H) and the 200-hour ones located in the 1,240.00 area. This resistance cluster is expected to pressure the pair south down to the aforementioned 55– and 100-hour moving averages circa 1,225.00.
In case 1,240.00 is breached to the upside, no resistance is apparent until 1,265.00.
