Even though information released about the US Core Retail Sales appeared to be worse than analysts expected, the pair did not manage to stay in a long termascending channel. It seems that the breakout was triggered by a combined pressure from the 55- and 100-hour SMAs.
Today the pair is likely to continue to move to the bottom, trying to reach the updated weekly S1 at 1,310.77. A recovery of the yellow metal is not expected to follow, as the northern side is reliably secured not only by the above 55- and 100- hour SMAs, but also by the updated weekly PP at 1,325.63 as well as the upper boundary of a new junior channel down.
