The gold price is listening to the simple moving averages of the hourly chart.
Namely, the 200-hour SMA is providing support and keeping the rate from falling lower. In the meantime the 55 and 100-hour SMAs are providing resistance.
In general, the commodity price should get squeezed in between the simple moving averages. The 200-hour SMA will push higher until it will meet with the 55-hour SMA. At that moment or even before that a break out should occur. A break out could go both ways – up or down.
