The yellow metal was fluctuating around the 55– and 100-hour SMAs on Wednesday. A strong decline was stopped by a July 2017 low, while resistance was provided by the 200– hour and 55-period (4H) SMAs near 1,216.00. A new development was a breakout from the prevailing short-term channel down yesterday evening.
The overall market sentiment for this session is mixed, while technical indicators on the 4H time-frame remain tended upwards. If looking at patterns, Gold should accelerate from the senior channel and fulfil the bullish scenario next week.
A possible target in this case is a two-week resistance and the monthly PP at 1,235.00. The nearest support is set by the monthly S1 at 1,202.00 that should not be surpassed today.
