Gold approaches trend-line
The yellow metal has made no significant advances during the previous session, as any attempts to move below the 1,322.90 area was restricted by the strong support of the 55-, 100– and 200-hour SMAs.
The pair has managed to appreciate during the past few sessions following a test of the 1,315.00 level. A notable climb, however, has not yet followed. Thus, it is likely that the pair fails to edge higher this week, especially given the fact that it has approached a downward-sloping trend-line guiding the rate during the previous four weeks.
By and large, the rate might remain stranded between this line and the SMAs for several hours. However, downside risks should eventually prevail, thus sending the pair closer to the 38.20% Fibo at 1,316.65.
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R3 1338.1 R2 1334.06 R1 1329.38 PP 1325.34 S1 1320.66 S2 1316.62 S3 1311.94