XAU/USD has not left its narrow trading range for the sixth consecutive session. After reversing from the 1,295.00 mark yesterday, Gold gained momentum and dashed through the 55-, 100– and 200-hour SMAs. The pair tested the 50.00% Fibonacci retracement near 1,300.00 once again but failed to move above it.
In general, it is unlikely that the given commodity gains some additional bullish momentum in this session, as the 200-period (4H) and 200-day SMAs and the monthly PP are restricting a move above the 1,302.00/1,307.00 area.
Thus, the pair should either fluctuate in a narrow range between this resistance and the aforementioned hourly SMAs or approach the senior channel and the 61.80% Fibo near 1,290.00.
