Gold was consolidating against the US Dollar last week, thus remaining between the 1,206.00 mark and the 61.80% Fibonacci retracement at 1,216.00. The pair failed to surpass the latter, as it was reinforced by the 200-hour and the 55-period (4H) SMAs. As a result, the yellow metal had fallen back to the 1,208.00 mark by Monday morning.
Technical indicators on the 4H chart have already started to recover. It means that shorter-term signals should soon follow. In order to accelerate, bulls have to overcome the 55-, 100– and 200-hour SMAs and the weekly resistance provided by the aforementioned Fibo level. This should pave the way for a surge up to 1,235.00 this week.
In case of a fall today, 1,200.00 should remain intact, as the senior channel and the monthly S1 are located there.
