The first part of Thursday’s trading session was relatively calm for Gold, as it was trading in a 1,365.00/1,353.00 range between the weekly R3 and the weekly and monthly R2s. This slight period of consolidation was disrupted by Trump’s comments on stronger US Dollar which strengthened the American currency by 0.94%. This bearish momentum reversed in the Asian session, as the yellow metal was supported by the 100-hour SMA near 1,345.00. It is likely that the pair tries to re-located itself near the weekly R1 which is also a 2017 high. Meanwhile, the US is to release its Advance GDP and Core Durable Goods Orders at 1330GMT. In the event of sluggish data, the pair could remain near the 200-hour SMA at 1,340.00.
