In line with expectations, a resistance set up by the weekly PP at 1,339.42 together with the upper edge of a medium-term ascending channel neutralized the further surge of the bullion.
An aggregate of technical indicators suggests that the rise will continue due to pressure from the upcoming 55- and 100-hour SMAs. While this might be true, the northern path remains obstructed not only by the above weekly PP but also by the monthly R1 at 1,348.36 and the weekly R2 at 1,352.71.
In this sense, the further flat movement at least in the first half of Tuesday seems a more likely scenario.
