After testing the 55– and 100-hour SMAs for a couple of hours, Gold accelerated mid-Wednesday and dashed through a three-day resistance of 1,350.00. Further advance was stopped by the monthly R1 at 1,355.00, thus leaving the rate between the aforementioned two levels until Thursday morning.
Bullish technical indicators suggest that the monthly R1 should be eventually surpassed, thus allowing for a re-test of the senior channel or the 201/2018 high near 1,360.00 and 1,366.00, respectively.
The nearby-located 55-, 100– and 200-hour SMAs likewise point to a price increase today, as these moving averages are expected to guide the pair higher.
