The yellow metal continues to trade in a five-day ascending channel against the US Dollar.
As apparent on the chart, the pair hindered near a medium-term channel at 1,345.00 during the first part of Friday. However, the prevalence of strong upside momentum mid-session allowed for a breakout of this pattern and further advance up to the 1,350.00 mark.
Gold has still fallen short from the senior channel located at 1,355.00. Thus, bulls might still manage to push towards this line.
Meanwhile, the rate has been trading sideways since mid-Friday. This shows that bulls could nevertheless be exhausted and therefore fail to reach the aforementioned area. A possible downside target for today is the 23.60% Fibonacci retracement and the 55-hour SMA near 1,335.00.
