XAU/USD continues to trade sideways for the third consecutive session, as the pair has remained stranded between several notable support/resistance levels.
As apparent on the chart, it has likewise failed to accelerate from the breached two-month channel. A surge above 1,301.00 on Thursday was limited by the 50.00% Fibo retracement and the monthly PP, while a strong support cluster was set by the 100-hour and 100-period (4H) SMAs at 1,295.80.
It is likely that these levels continue to pressure the rate for the following hours. Technical indicators are bearish for this session. In case this scenario occurs, Gold should target the senior channel at 1.287.00. The daily high could be the 200-period SMA at 1,305.00.
