After a notable surge on Friday, the last day of July the bullion spent in a steady horizontal movement against the American Dollar. Most likely, today the pair will continue to climb upstairs, supported by the accompanying 55-hour SMA from the bottom. In addition, the surge might be accelerated by announcement of the US ISM Manufacturing PMI at 14:00 GMT. This scenario is supported by the fact that the pair faces no resistance levels up until the combination of the 61.80% Fibonacci retracement level at 1,278.96 and the weekly R1 at 1,279.64. And barrier, most probably, will cause a trend reversal at least in the short-run. By the way, this resistance level coincides with the breakout point of a symmetrical triangle that has recently formed within the two week long ascending channel.
