Gold remained stable against the US Dollar on Tuesday. It tried to edge higher during the first part of the day, but was stopped by the combined resistance of the monthly S1 and the 55– and 100-hour SMAs.
Technical signals on longer time-frames indicate that the yellow metal is likely to strengthen in the medium term and thus move towards the senior channel. This up-ward trend could be maintained today, as well, in case the 200-hour and 55-period (4H) SMAs are breached at 1,232.00.
Meanwhile, no support is restricting a fall until the senior channel line circa 1,210.00 if the nearest support surrenders.
