The medium term channel did not manage to hold its ground, as the short term descending channel managed to pass through the support of the medium scale pattern. Due to that reason it can be expected that the decline of the yellow metal will continue in accordance with the short term channel on Monday. That would occur in the case if there are no fundamental events, which cause a run to safety or a depreciation of the US Dollar. In the case of a decline the next target for the bullion is the weekly S1, which is located at the 1,255.79 level. However, on the daily chart there are some additional support levels, which should be taken into account. On the other hand, if the metal rebounds, it might reach for the closest resistance level at the 1,276.85 level.
