Using support provided by the 55-, 100- and 200-hour SMAs together with the monthly PP, the rate managed to climb to the weekly R1. In other words, the pair has practically managed to form the third reaction high of a long ascending channel. However, a release of widely expected American data created a momentum that enabled bears to return the rate back to the weekly PP at 1,277.10. Hence, all four abovementioned support levels turned into resistance. As they are all concentrated around the 1,279.00 mark, it is unlikely that bulls will manage to push the pair through them without new strong upside momentum. There is a need to notice that the similar situation has already happened in beginning of the week when the gold failed to climb upstairs after a solid strengthening of the buck
