Following a period of strong appreciation on Monday morning, Gold was halted by the combined resistance of the 200-hour SMA and the monthly PP near the 1,340.00 mark. Most gains were erased during the following hours, thus leaving the rate circa 1,332.00 by Tuesday morning.
The 55-hour moving average has guided the pair’s movement since mid-yesterday. This situation might continue during the first part of the day, thus narrowing its trading range within the bounds of this line and the 200-hour SMA.
The current positioning of the short-term channel up demonstrates that the yellow metal might still reach the senior channel circa 1,340.00 in this session. However, US fundamentals released later in the day could likewise introduce some bearish pressure towards the 1,320.00 mark.
