The yellow metal has failed to pick up momentum against the US Dollar even despite having edged lower for the second consecutive week.
The pair tried to appreciate during the first part of the day, but sluggish US Core Durable Goods Orders added some additional downside pressure for the following hours. This has resulted in the pair falling down to the two-month channel near 1,250.00 early on Thursday.
It is apparent that Gold remained stable during the previous session which suggests that a significant decline should not occur. The nearest support is the junior channel near 1,247.00.
Meanwhile, the still-weakened Gold is unlikely to overcome the resistance cluster formed by the 55-period (4H) and 200-hour SMAs at 1,270.00.
