Gold remained stable against the Greenback on Friday, as the notable resistance of the 55-hour moving average and the monthly R2 limited the pair’s appreciation above the 1,355.00 mark. Thus, its subsequent movement was guided towards the 100-hour SMA located near 1,355.00. The yellow metal tested this area, likewise reinforced by the weekly PP and the bottom boundary of a short-term channel, early in this session.
Considering the lack of noteworthy fundamentals today, the rate could remain stranded in the narrow 1,355.00/1,355.00 range for several hours until one of the aforementioned barriers is breached. It is more likely that bears prevail, thus allowing Gold to form a slight correction southwards from its 2017 high of 1,365.00.
