During Friday’s trading session, the 23.60% Fibonacci retracement level helped the yellow metal to break the resistance of the monthly S1 to end the trading session at the 1,296.81 mark. Note, the chart was fully reviewed to make some corrections to the chart!
In regards to the near-term future, most likely, the 200-hour simple moving average will retrace gold to pass the support level of the monthly S1 at 1,295.12 mark.
On the other hand, today’s US Retail Sales and Core Retail Sales data release at 12:30 GMT could push the US Dollar to appreciate against gold to break through the 200-hour SMA to end the trading session at the 1,300.00 level.
