Even though the pair managed to cross the weekly S1 at 1,329.68 yesterday, the pressure of the bears was not strong enough to push it to the bottom edge of a dominant ascending channel.
On the other hand, a fully-fledged rebound did not happen as well and is not expected to happen today either. The main reason for such assumption is that the northern side contains too many technical barriers, such as the 200- and 100-hour SMAs as well as the weekly PP at 1,343.70. They could be crossed if the gold had fundamental rationale, but for now it does not. The opposite side, in turn, has an empty area up until the lower support line of the above pattern.
