XAU/USD moves along 100-hour SMA

FX_IDC:XAUUSD   Gold / US-Dollar
Morning outlook - XAU/USD moves along 100-hour SMA

  • Instead of trying to reach the monthly R1 at 1,348.36, using the 55-hour SMA as a springboard, the exchange rate stuck at the weekly R1 at 1,339.42 and stayed there until a release of data on the US ISM Non-Manufacturing PMI. The American figures appeared to be positive and dragged the pair down by 0.5%.

  • Fortunately for the gold , the 100-hour SMA managed to neutralize the further fall. For this reason, the yellow metal has a good basis to try to get back at least to the above weekly R1.

  • On the other hand, there is a need to take into account that below the 100-hour SMA there is an empty zone up until the junior ascending channel’s bottom trend-line and the 200-hour SMA .
Trade geschlossen: Ziel wurde erreicht: XAU/USD jumps above 1,352.00

As it was expected, most of the previous trading day the yellow metal spent in an advance against the buck.

On the one hand, this movement was triggered by a combined support created by the 55- and 100-hour SMAs. On the other hand, there is also a need to take into account a pressure from the lower trend-line of a rising wedge, which was moving along the above technical indicators.

For this reason, today the pair is expected to make a rebound from the upper trend-line of this long-term formation and, starting from next week, resume the fall towards the monthly R1 at 1,348.36.

However, there is a need to carefully monitor development of the North Korean crisis, as its further escalation might continue to stir interest in the gold.

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