Gold more bullish today

The bearish momentum which had guided the yellow metal during the past two days allayed on Wednesday, thus allowing XAU/USD to maintain a slight upward tendency. The pair nevertheless remained pressured by the 55-hour SMA which limited any gains above the 1,310.00 mark.

Technical indicators remain bearish for the following session, thus pointing to another decline. However, the senior channel and the 50.00% Fibonacci retracement near 1,300.00 are likely to provide strong support for the pair. In addition, bears might be reluctant to push Gold below this 2018 low.

In case the bullish sentiment prevails, there is enough upside potential until the 200-hour SMA at 1,320.00. But the two resistance levels located in between could bound the rate for a movement sideways circa 1,310.00.