The yellow metal edged higher early on Thursday, but this slight appreciation was stopped by the monthly S2 and the 55-hour SMA at 1,180.00.
As apparent on the chart, the pair was testing a short-term trend-line early on Friday. If this line is breached together with the 55-moving average, bulls are likely to increase in strength which in turn would result in a surge up to the breached senior channel and the 200-hour SMA located near 1,195.00.
Conversely, in case this expected breakout fails to occur, Gold should remain trading along the 55-hour SMA without stepping over the monthly S3 at 1,160.00.
