Gold continues to appreciate against the US Dollar in a short-term ascending channel for the fourth consecutive day. This upside momentum weakened during the previous session, as a surge was restricted by the 200-hour SMA and a weekly resistance at 1,235.00.
Given that the pair has overcome this long-term SMA and the 55-period one on the 4H chart, the yellow metal is expected to continue its upward movement today, as well. This movement should be supported by the 55– and 100-hour SMAs.
The nearest resistance is the channel line and the 100-period SMA at 1,240.00. Another resistance is the 200-period SMA at 1,260.00.
In case bears manage to take over the market, no support is limiting a fall until the senior channel near 1,210.00.
