As it was expected, most of the previous trading day the pair spent in a surge, trying to reach and break through a barrier set by the 100-hour SMA and the upper edge of a descending channel. A decision made by the Fed to leave the interest rate unchanged an impulse strong enough to push the rate through a significant support, which was located near the 1,300.00 mark. From a general perspective, further movement of the pair is expected to continue to be guided by bears. As regards the current situation, after crossing the above psychological level the rate has not significant obstacles on its way up until the weekly S3 at 1,286.17, which is located at the intersection with the bottom boundary of the active formation. Hence, the gold is likely to lose some more value against the buck today.
