A suggestion expressed yesterday was basically confirmed. The yellow metal indeed continued to lose value against the buck. The only exception was that it made a rebound not from the weekly S3 but a little bit earlier from the bottom trend-line of a senior descending channel.
However, a recovery of the gold is not expected to last for long today. Most probably, the pair is going to make another turn around somewhere between the 1,300.00 and 1,302.35 levels, as this area represents a location of multiple technical indicators, such as the monthly PP, weekly S2 and the 55-hour SMA. An aggregate of those indicators supports this assumption via sending strong sell signal.
