Apart from a 0.52% fall mid-Tuesday, the yellow metal managed to maintain its movement sideways against the US Dollar for the second consecutive session. This shows that both bulls and bears lack the necessary momentum to move the rate in their desired direction. Technical indicators remain bullish in this session.
In line with this scenario, Gold should reverse near 1,270.00, breach the 55-hour SMA and approach the combined resistance of the 100– and 200-hour moving averages and the senior channel at 1,290.00.
On the other hand, the pair resuming its move down should send it testing the monthly S2 at 1,260.00.
