The yellow metal has generally maintained its position against the US Dollar during the previous two sessions. It tried to push higher early on Monday but was nevertheless stopped by the 55-, 100– and 200-hour SMAs. As a result, the pair fell back down to the 1,291.00 mark.
Technical indicators suggest that the rate might continue its movement south in this session, as well. A possible target is the 1,285.00 mark where the senior channel and the 61.80% Fibonacci retracement are located.
If looking to the upside, it is unlikely that bulls gather the necessary momentum to dash through the strong resistance of the aforementioned SMAs near 1,295.00.
