Gold is showing no changes in its positioning against the US Dollar for the sixth consecutive session. Similarly to other days, the 50.00% Fibonacci retracement and the monthly PP proved to be a strong resistance level, thus restricting any attempts to move above 1,302.00.
Meanwhile, it is apparent that the pair is gradually moving away from a four-week channel. This suggests that the 55– and 200-hour SMAs could guide the pair higher today. However, significant gains might not follow, as the 1.305.00 mark is restricted by the 200-period (4H) SMA.
The rate being stranded between these strong barriers are likely to result in yet another calm day for the yellow metal.
