Gold Takes a Breather

Following a massive surge earlier this week, bears have maintained their dominance in the market since late Wednesday. The yellow metal fell 1.41% against the Greenback during the previous session and breached the 55– and 100-hour SMAs.

Its subsequent support level, set by the 23.60% Fibo retracement and the 200-hour SMA, was not surpassed, thus leaving the rate near the 1,340.00 mark this morning.

Technical indicators remain bullish, suggesting that this cluster could remain intact. In addition, the pair is likely to be hindered near the 55-hour SMA and, if surpassed, no additional resistance barriers until 1,360.00 are located in between. By and large, this session might not introduce significant volatility in the market, as no fundamental data releases are scheduled.

Chart: XAU/USD H4