In line with expectations, the rest of the previous trading session the yellow metal spent in a relatively flat movement against the US Dollar. The pair did not resume the surge, but it also did not manage to sneak through a combination of the 200-hour SMA and the weekly PP at 1,284.70.
Nevertheless, a steady movement to the bottom seems the most viable scenario, as the bullion has entered in a little short-term descending channel.
On the other hand, an aggregate of technical indicators on the 1D timeframe sends an opposite signal, warning that the above support level might be too strong to be so easily bypassed.
